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China’s Fashion Market Full of Opportunities for Foreign Brands.doc

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China’s Fashion Market Full of Opportunities for Foreign Brands

China?s Fashion Market Full of Opportunities for Foreign Brands “The fashion market in China, which tripled over the past ten years, is expected to increase threefold over the coming decade,” according to a Boston Consulting Group report released in July. Over the past decade, the fashion industry in China has tripled in market size, reaching nearly RMB 400 billion by the end of 2010. It is expected that the fashion market in China will grow threefold yet again over the next decade, to more than RMB 1.3 trillion as the world?s second fashion market by 2020, said the report. With Chinese consumers?strong willingness to spend on apparel and their wallets swelling over the past decade, China?s fashion market is expanding. In the coming years, it will continue to grow at a fast speed, offering plenty of opportunities for foreign fashion companies entering this market. However, many of the global brands have a small footprint in China. For instance, Zara has roughly 70 stores in China, the Italian fashion house Benetton has about 25, and Gap operates 5, compared with more than 1,000 stores each in their home markets in Europe or North America. Still many globally or regionally popular brands like Topshop, J. Crew, and Ann Taylor, have yet to open a store in the country. By contrast, many of the brands that have achieved early success in China may be a surprise. Nike and adidas each has approximately 6,000 stores in China, and clothing company Bestseller has more than 4,000. Chinese sports brands Li Ning and anta each has roughly 7,000 stores, while local casual clothing brands Metersbonwe and Semir have more than 3,000 stores each. Almost all of these are singlebrand stores. “Traditionally, for fashion players, the keys to winning were having a ?big? brand name, a low-cost supply chain, and the ability to rapidly develop a retail footprint through franchising,” said Vincent Lui, a BCG partner and coauthor of the report. “To win in the future,” he added,“companie