Hong Kong fashion retailer Lane Crawford said yesterday that it will open a three-story shop in Beijing to sell more than 600 designer brands such as Prada and Stella McCartney, tapping the growing demand for luxury goods in China.
"With the ever increasing number of high net worth individuals and affluent customers supported by an aspirational market of approximately 4 million in Beijing, we believe there are exciting opportunities for Lane Crawford in this market," she said.
The number of affluent Chinese customers are growing by 19 percent a year, said Bonnie Brooks, president of Lane Crawford Joyce Group, the parent company of Lane Crawford owned by property tycoon Peter Woo. The parent company operates more than 450 stores in the Asian region, including 233 stores in China. It forecasts sales this year and next to exceed HK$7.8 billion.
"The customers in China, in terms of our experience, are more and more fashion-conscious," Brooks said.