Companies
China to be the summit for Montblanc
By Li Fangfang (China Daily)
Updated: 2011-06-28 10:45
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Montblanc's "Art of Writing" exhibition at Beijing's Oriental Plaza mall on June 10. The German luxury goods manufacturer has more than 100 stores in 47 cities across China. [Photo / China Daily]? |
The luxury goods maker is planning further expansion in the country
BEIJING - For Montblanc International GmbH, China will become the destination for the German luxury goods manufacturer with the largest investment and an intense focus, said the company's chief executive officer.
"China has been our biggest market since 2007, and we will always put the largest investment in the country, for marketing initiatives, as well as for store expansion," said Lutz Bethge, CEO of Montblanc.
Bethge told China Daily that in 2005, "China was not even listed in our Top 10 markets. But the rapidly growing economy, and our strenuous efforts in the local market, made it our No 1 market within just two years".
Moreover, "the domestic fastest-growing market is widening the gap with the United States, our second-largest market".
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"Our unique Montblanc Concept Store, which will also be the biggest in the world, will exhibit our brand and products from a different angle to help them become better known to consumers in our most important market," said Bethge.
Currently, Montblanc has more than 100 stores in 47 cities across the nation, with some of them already situated in third-tier cities.
"Our future plan is to expand by a few shops every year, with some new ones in the large cities where our brand is already established and others in new cities, including an increasing number of third- and fourth-tier cities," said Bethge.
"We are always looking for opportunities, focusing on the quality of location and demand from local customers much more than the number of shops from a long-term perspective," he said. "The robust growth of the consumption of luxury products in China will continue for a long time."
Bethge also told China Daily that if the government were to cut the heavy taxes on luxury products on the Chinese mainland, it "would further help drive our business here".
According to a report released by the consulting firm McKinsey in March, China is expected to overtake Japan and become the world's biggest luxury goods market by 2015, accounting for more than 20 percent of global luxury goods consumption.
It also estimated that the country's consumption of luxury products will grow by 18 percent annually to $27.5 billion by 2015, from approximately $12.2 billion in 2010, with China's 13 million middle-class families - those with annual earnings of between 100,000 yuan ($15,000) and 200,000 yuan - being the major driver of growth. By 2015, McKinsey predicted, the middle-class population will expand to 76 million.
"We also believe in the growing appetite of our target audience, successful people who are looking for an enhanced lifestyle," said Bethge.
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