Crystii Lin
Theo Ortengren
Joana Gröblinghoff
Luci Matheus
Hannnah P
Korea is emerging as one of the most "luxury friendly" markets in the world, according to the Wall Street Journal on Tuesday.
In a recent survey by a global consultancy McKinsey on shoppers from various countries who have purchased luxury products, some 46 percent of Korean respondents said their consumption of such goods has increased over the past 12 months.
Only Korea and China, where luxury consumption grew by 44 percent, saw increases of over 40 percent. In Japan the figure was 6 percent and in the U.S. and Europe 3 percent.
While 45 percent of Japanese respondents said that showing off luxury goods was in bad taste, only 22 percent of Koreans agreed. It was 38 percent for Chinese and 27 percent for Americans and Europeans.
Only about 5 percent of Koreans said they felt guilty after buying expensive luxury items, compared to 15 percent for Europeans, 14 percent for Chinese, and 10 percent for Americans and Japanese.
Korea's luxury friendly attitude is partly due to its "homogeneous culture," where people seek to distinguish themselves with high-end goods and others feel pressured to catch up with them, McKinsey said. Currently the country takes up just 4 percent of the world's luxury market, but experts predict that the figure will only expand in the future.
It may be hot and sticky outside, but stores across the nation are already getting a chill thinking about Christmas.
Retailers are having second thoughts about orders they placed earlier this year, when the economic recovery looked stronger and Americans were more willing to spend money. Now they worry they could end up stuck with too many toys and sweaters come the holidays and have to cut prices.
Stores are fretting that even small increases in their holiday stocks for this year may be too ambitious. Some are waiting to see how spending turns out in the back-to-school season before trimming their holiday orders, but others aren’t wasting any time.
"I was feeling fantastic in March, and we were doing great. But then things started slowing down,” said Lauren Phalin, who owns a New Jersey children’s and teen clothing shop called Rocking Horse and canceled a $2,000 dress order in May.
"As long as I keep inventory and expenses down, we can still do fine,” she said.
Most stores have until August to do any tweaking on their holiday orders, though the largest chains, which have more power over suppliers, can cancel some orders later.
A lot is at stake: For many retailers, holiday business accounts for as much as 40 percent of revenue and profits, says Ken Perkins, president of research firm RetailMetrics. For toy sellers, it’s half.
With unemployment stuck near 10 percent and the stock market having wiped out its gains from earlier this year, Americans are skittish about spending as the second half of the year begins.
Retail sales fell 0.5 percent in June compared with the previous year, the government reported this week. Clothing chains had to slash prices on summer tops and shorts even more than they planned to entice customers.
"It still feels like a fragile economy,” said Brendan Hoffman, CEO of Lord & Taylor, which has plans in place in case sales slow down. Hoffman said that if business weakens, the department store will turn to more aggressive promotions.
Stores are still smarting from the huge discounts that made Christmas 2008 a disaster. They desperately want to avoid a repeat and have been cautiously increasing how much they put on store shelves.
For clothing stores, for example, holiday inventory is expected to be up slightly over last Christmas but still not back to 2008 levels, said Craig Johnson, president of retail consulting firm Customer Growth Partners.
Stores that placed their holiday orders based on increased demand in the spring, when the stock market was rallying, were “living in a dream world,” he said.
"We are climbing out of a deep hole, but it’s a slow climb,” Johnson said.
Elle Macpherson goes into "model mode" when she is around cameras.
The Australian supermodel admits she tried to take a back seat to the contestants when fronting UK TV show 'Britain's Next Top Model' but struggled to keep her vanity in check.
She said: "I'm a neutral mentor because I believe the show should be about the girls and no one else.
"The thing I found most difficult was when there were six or seven cameras around and I automatically go into model mode.
"Yet I shouldn't be worried about what I look like - I really have to worry about what the girls look like."
The 47-year-old beauty also revealed she believes the secret to looking stylish is being comfortable with yourself.
She explained: "Coco Chanel once said that unless you are comfortable you are not stylish.
"Being completely comfortable in what you wear and who you are, that is true style."
Chong So-ra, winner of the 2010 Miss Korea Pageant, waves after she was crowned in Seoul July 25, 2010.
Trying to promote your brand in China, the world's second largest luxury market? Most labels instinctively turn to ads - print, outdoor, TV, online, mobile or radio. But a new study points to a more powerful tool: promoting corporate social responsibility. More than two-thirds of Chinese consumers said a luxury brand's CSR would affect their decision to purchase decision, according to a new report. Asian market research company Albatross Global Solutions, and Ruder Finn Asia surveyed 1,100 luxury consumers earlier this year in China, Hong Kong and Taiwan to produce their China Luxury forecast 2010. CSR was found to be particularly important among the more educated shoppers with higher incomes.
Jean-Michel Dumont, chairman of Ruder Finn Asia, says the earthquake in Sichuan two years ago "was a turning point for CSR in China, whichever sector you are in."
Local companies donated millions of dollars immediately after the quake. But some multinationals were criticised for not doing enough. Bloggers labelled companies like Louis Vuitton, Nokia, Coca Cola, McDonald's and KFC as tie gong ji, which literally translates to "iron-roosters", meaning scrooge. Foreign companies were quick to respond. Now consumers expect more, says Dumont.
"Consumers are looking at what companies do beyond donations. They want to know how companies are getting the society involved," he says, adding that "when you talk about luxury in China, you are talking about European brands."
The study found that among the 15 most popular brands in China, Hong Kong and Taiwan, 14 are from Europe, with the most sought-after being Louis Vuitton, Chanel and Gucci. The only American label that made it to the list is Estee Lauder, the cosmetics company.
A notable exception from the list is Japanese brands, says Christophe Cais, executive director of Albatross.
There are two main reasons for the prejudice. Firstly, the Japanese are big in cosmetics, which is a small segment of the luxury market in China. The other, more sensitive reason is a long and bitter history between China and Japan. The two countries were war enemies and "some consumers are still resentful of Japanese products in China," says Cais.
Foreign iron-roosters take note, Chinese luxury consumers now expect more than just a great brand.
The Fourth International Leather Forum is to be held in Shanghai at Shanghai Rainbow Hotel on 31st, August. This forum is organized by China Leather Industry Association with the theme of “Low carbon strategies for leather industry".
Experts from leather manufacturing, leather research institutions, leather exhibition and media will be invented to attend this forum. All these guests will share their ideas about the low carbon's influence on manufacturing and plans and strategies leather industry will implement.
Low carbon economy is based on low energy consumption, low pollution and low emission, which is a huge progress after the industry civilization. The essence of low carbon economy is the efficient energy use, the exploration of clear energy and green GDP. After Copenhagen Conference, low carbon economy development pattern becomes practical actions.
As the traditional manufacturing, leather industry will be dominant in the low carbon economy competition only if it adjusts to brace challenges and opportunities in the way of scientific, safe, green and efficient development.
With East’s new Toscana collection you can leave behind your busy lives, the city traffic and be transported to the quiet lanes and the rolling hills of Tuscany.
Imagine strolling the outdoor markets in a pretty floral dress, sweeping your pink scarf over your shoulder as you lean over to marvel at the fresh produce. Or perhaps you see yourself relaxing on the balcony of your villa, sipping glass of local wine, wrapped in a loose linen cardigan.
The striking colour palette of the Toscana collection is reminiscent of Tuscan rolling green hills, rust covered farm houses and tall stone walls covered in a multitude of bright pink wild flowers.
This feminine collection holds all of your favourite pieces that perfectly complement one another for a stylish yet relaxed everyday look. Liberty inspired floral dresses sit next to fresh linen trousers. Brightly coloured shrugs and cardigans layer beautifully over delicately patterned and embroidered blouses. Striped scarves add an element of fun to basic jersey camisole. And the cleverly designed summer rose corsage can be worn in your hair or clipped onto a pretty woven basket bag.
Damas, the leading international jewellery and watch retailer in the Middle East, introduces Sirius by Chronoswiss.
The name of this line is inspired by the brightest star of a very special constellation that becomes visible in the night sky called the Sirius. This star outshines all the others. The name of the watch originates from the Greek language (Seirios, which means blazing or burning). Due to its special brightness, Sirius has been used as a navigational aid by seafarers from time immemorial, such as on the Polynesian island groups.
Ajay Pandey – GM Category & Marketing Head of Damas said: “Sirius by Chronoswiss is an amazing watch. The ticking Sirius reaches maximum sparkle with its combination of timeless aesthetics and clever technical details: within its elegant and particularly svelte case a horological treasure is housed: exclusive manufacture Caliber C.111. It is based on an historical manually wound movement from the 1950s, which today is only available from Chronoswiss.”
Through the serially outfitted sapphire crystal case back, which Gerd-Rudiger Lang was the first to use on wristwatches, the fascination of the active mechanics inside the watch can be superbly admired: true beauty that comes from inside. These mechanics also mirror the design of Chronoswiss’s new star. Harmonious, classic, and simultaneously modern, the dial is designed in a fully new, subtle way. Two sweep hands display the hour and minute, while the seconds make their rounds in a subsidiary dial at 6 o’clock.
Straightforward understatement sees Chronoswiss remaining true to its own motto ‘no compromise in form or function’ - nothing takes away from the essentials, the display of time. However, the brand also remains true to its attention to detail, for example in the lavish applied markers and hand-finished hands in the shape of a stylized leaf (feuille in French). Gentlemen have the choice of casual stainless steel or precious red gold, and the dial is available in a choice of solid sterling silver painted either black or white.
With its exquisite manufacture caliber and surprisingly pure elegance, above all visible in its flat case framed by a polished bezel, Sirius will also find a special place in the firmament of fine watchmaking. Unlike its heavenly namesake, Chronoswiss Sirius is not 8.6 light years away from us, but rather, shines very much within reach — on one’s wrist.
The Chronoswiss Sirius collection will soon be available at Damas Les Exclusive Boutiques in Saks Fifth Avenue, BurJuman; Emirates Towers; Burj Al Arab; Madinat Jumeirah, Dubai Mall; Deira City Centre; and at the Mall of the Emirates.
Italian fashion firm, Giorgio Armani SpA announced that, it has launched its first stores in Mongolia and Vietnam, with an eye to tap the Asian demands.
Emporia Armani boutiques were launched in Ulan Bator, Ho Chi Minh City in Vietnam and Mongolia. Armani already had a café operating in Vietnam.
Practically every nation is eagerly waiting and wanting to have the Italian design and fashion head, Giorgio Armani in to their markets, revealed a company’s founding president and chief executive officer.
Armani too on the other hand, wants to expand its geographic sources of revenues after profits declined by 28 percent last year, owing to economic downturn in North America and Japan.
The firm is following LVMH group, Moet Hennessy Louis Vuitton SA for opening stores in Mongolia and Vietnam. According to Bain & Company’s, a leading global business and strategy consulting firm, April estimates, luxury products sales in Asia Pacific, excluding China, is likely to increase by 10 percent this year. Currently, Armani has 1,503 single-brand outlets, across the globe.
WhatSheBuys, a specialty boutique retailer featuring world-class, best-of-category brands for her, him and child, announced that it has started to receive UGG Australia shipments of Fall 2010 styles of new UGG boots, slippers and shoes for women, men and children.
"We have just received new styles for women including the newest version of the hot UGG Women’s Highkoo Boot, fall colors in the Bailey Button, Classic Tall and UGG Classic Short Boots” stated Cathy Kamimura, Chief Buyer for WhatSheBuys. “In addition, we have received new UGG styles for children and some new colors in the men’s collection as well,” she concluded.
WhatSheBuys, a company that specializes in identifying world class brands, is perfect for UGG Australia, a company that delivers luxury and comfort in every boot, shoe, and slipper. UGG uses only the finest materials for the construction of each boot or slipper, including the highest quality leathers, suede, and the world’s finest sheepskin. UGG sheepskin footwear continues to be a modern and comfortable fashion that has been seen on the runway in Milan, Paris, and New York.
"I just love UGG. The brand continues to produce footwear that is both comfortable and fashionable. It’s not just about the UGG Classic Boots anymore. The range of fashions is incredible. We are still expecting many more styles to land in early to mid August. I absolutely love the new UGG Women’s Bailey Button Triplet Boot” said Cathy when asked about her overall opinion and favorite boot in the new UGG Fall line.
