Longchamp to expand in China
French luxury brand Longchamp will accelerate its expansion in China to make the country one of its top-three markets in three years, the company’s CEO has said.
“Our company’s business in the first six months in China increased 67% over the last year, making the nation the fastest-growing market in our global business,” said Jean Cassegrain, CEO of Longchamp.
“The Hong Kong store’s ranking in our top-seller stores also makes me confident that China will be one of Longchamp’s top-three markets within three to four years, from its current top-five ranking,” he said.
To achieve that goal, Mr Cassegrain said the firm is considering opening six to 12 stores annually in the next two to three years in China.
Longchamp currently operates 13 stores in eight Chinese cities. “My focus now is on further improving Longchamp’s position as a leading player in luxury leather goods, not only in France, but in strategic countries such as the United States and Japan, as well as in the emerging markets of China and Asia,” said Mr Cassegrain.
“Chinese people are still entering a lifestyle with luxury products, so I think it’s just the time for Longchamp to make strenuous efforts at further development here,” he said.
Mr Cassegrain sais his company’s brand positioning with luxury is “affordable, close to reality. Longchamp is not a niche brand. We want to make it known and affordable for more Chinese customers”.
