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Charting a Future for Hengdeli China’s luxury market—the fundamentals remain positive % CAGR Percentage of recognition Average number of brands Source: NBS China’s luxury market—but the growth is set to slow Percentage of market growth We reach 4 market segments by demand Experience and Success Buyers are key drivers for market growth Exclusivity, distinctive taste and joyful experience are crucial The wealthy Young, mobile, rich overseas experience Self-employed or corporate executives Buy for indulgence and to feel unique Service sensitive Tenured luxury consumers Brand name alone is insignificant Consumers of high-end product Competition intensified in the high-end market Number of stores Strategy—More than Elegant MyBMWClub is BMW’s official website in China to organize its owners. Club members are invited to salons and test drives Active CRM Price and brand are key to success buyers Upper middle class Typically live in tier 2/3 cities Junior government or corporate management Buy for the sense of achievement and social recognition Price conscious--fixed budget New luxury consumers Brand sensitive but not loyal--up trading Prefer products with Chinese elements Prime Time is cut out for this segment Success Buyers are price conscious and tend to up-trade Multi-brand retailers are preferred to mono-brand boutiques Strategy—Land Grabbing New consumers are major contributors for market growth Hengdeli has grown through expansion, and there are still further consolidation opportunities * Store number and revenue are normalized with results in 2008 being 1 Source: Bain Co. Market size Price conscious, typically with fixed budgets Loyal to popular brands Purchasing behavior of gift buyers Typical choices of gift buyers Source: field research, Xcel Gift buyers demonstrate consistent purchasing behavior Share of gifting keeps momentum Source: Bain Co. Reliance on suppliers poses threats for mid-term growth Suppliers matter for growth Swatch retrieved wholesa