China 'open for the best of British brands'
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Ambassador Sebastian Wood and his wife Sirinat joined Jeff Banks to cut the ribbon at the official opening of the international designer's flagship Beijing store.
He said this was another example of raising the presence and profile of British brands in China and underlined the UK's excellence in creativity and innovation in design, branding and expertise. It also comes hot on the heels of a highly successful London Fashion week.
The Ambassador, qwho offered congratulations on the opening of the first three outlets, which he hoped would lead to the opening of many more, said China was the second largest luxury consumer goods market in the world after Japan and it is predicted that the number of consumers who can afford luxury goods will reach 250 million by the end of 2010, 32 per cent of the global luxury market.
With the rise and growth of China's middle class, demand for luxury products was already rising fast - China's retail sales last year leapt 18 per cent.
While UK luxury brands entering the Chinese market are relatively few, this was a "young" market but Chinese consumers were savvy about technology and very aware of brands and what they stand for. Rather than buying products already launched or tried out in other markets, many Chinese consumers wanted to be the first to see new ranges and have the full range of innovative products available to them.
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