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Luxury’s future looks at Asia

“2018 – Luxury Reloaded. From China’s transformation to American evolution, from e-commerce to omnichannel, the new luxury’s challenges”: the title of the 16th Milan fashion global summit, organised by Class Editori, is certainly long. However, the message sent by the discussion appears to be clear: luxury and fashion companies need to be fast, digital, multichannel, if they want to catch the business opportunities of markets as China’s one.

First of all: data. According to Antonino Mattarella (Bank of America – Merrill Lynch) “After 2016 characterized by impasse, luxury sector is growing again, even though the rhythm is not so lively as it was in the past. In China, we expect a growth by 15% in 2017, with a recovery in the domestic market too”. For the president of Italian Camera della Moda, Carlo Capasa “digital revolution has changed the distribution’s channels, communication, marketing, design and product’s development, now it’s the time to have the courage to break patterns and intercept new consumers”. Sustainability is the key concept for this purpose, accounting for around 300 billion euro globally.

Michele Scannavini, president of the Italian Trade Agency, has focused on Asia: “new consumers are in China, but also in India and in South-East Asia, two areas ready for a technological and commercial revolution. Italian export is performing well: during the first semester of 2017 it has grown by 6-7%; fashion is also increasing, with a + 3-4% that show the competitiveness of products in a fundamental sector of our economy’.

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