07 Oct '11, 1pm

Luxury brands seek fortunes in Asia Channel NewsAsia: As luxury fashion houses target Asian consumers to tap int...

Luxury brands seek fortunes in Asia Channel NewsAsia: As luxury fashion houses target Asian consumers to tap int...

SINGAPORE: As luxury fashion houses target Asian consumers to tap into the region's growth, analysts said smaller brands that do not have the financial power to do so will fall behind - a trend that is starting to be seen in Asia. Luxury brands typically allocate two-thirds of capital expenditure to new store openings in Asia, according to Lombard Odier, which said luxury brands are doing this to soften the blow of weakening demand in the West. The Swiss bank also said that Asian consumers take up 22 per cent of the US$230 billion ($170 billion euros) global luxury fashion market. This figure is expected to double to 40 per cent in 10 years. And it's that long term growth potential that keeps brands like Hugo Boss investing in Asia, despite the global turmoil. Gerrit Ruetzel, President and CEO, Asia Pacific, Hugo Boss, said: "I think we cannot stop investing in our future ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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