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INTERNAL
Fashion Market in China
Sami Muneer, SAP
©  SAP AG 2010. All rights reserved. / Page 2
China Luxury Market
•  Growth, Demographics, Archetypes
The Retail Challenge in China
The Role of the Internet in Luxury
Shopping in China
Ecommerce Players
So What?
©  SAP AG 2010. All rights reserved. / Page 3
Growth of the
China Luxury Market
©  SAP AG 2010. All rights reserved. / Page 4
Luxury Segment* is Growing
Driven by 3 Factors
1.  Wealth Increase
Within largest cities
Rapid urbanization in
new areas
2.  First-hand Experience
Overseas travel
Local stores
3.  Access to Information
Internet: social forums,
editorials
Source: McKinsey, 2011 World Luxury Association Blue Book
15% online
purchase in
2011
($2.5B)
©  SAP AG 2010. All rights reserved. / Page 5
Driven by Wealthy and Upper Middle Class
Spending is Concentrated in Top 5M Households
80 B
50%
2010 2015
> 1 MM
(700K households;
20% growth)
180 B
Luxury Goods Consumption by Income Class*
(RMB, US$ = 6.3RMB)
Ø 200K- 1MM
(4MM households;
15% growth)
Ø 100K-200K
(13 MM household;
fastest growth)
12%
33%
40%
22%
26%
Source: McKinsey, BCG
*% don’t add to 100% due to other small segments
Very Wealthy
Own assets greater than 10MM RMB
Well-traveled
Wealthy
Growing number residents in lower-tier
cities
Upper Middle Class
Stretch budgets for occasional purchase
©  SAP AG 2010. All rights reserved. / Page 6
But the Very Wealthy Travel and Spend There
60% of Luxury Spend is Overseas
Luxury Goods Spend
Bln RMB, 2010 (% CAGR)
40%
China
(27% CAGR)
35%
HK & Macau
(45% CAGR)
25%
Overseas
(38% CAGR)
Drivers for Overseas Spend
•  Higher prices on mainland
•  Increased overseas travel by
the wealthy
•  RMB appreciation
212 Bln Total
Source: McKinsey, 2011 World Luxury Association Blue Book, Bain Survey of 2000 consumers
©  SAP AG 2010. All rights reserved. / Page 7
Most Local Spend is on Accessories, Cosmetics
70% of Mainland Purchase
Source: Bain & Co.
©  SAP AG 2010. All rights reserved. / Page 8
Growth of the
China Luxury Market
1.  Market is growing
2.  Most shopping by the wealthy is
overseas
3.  70% of luxury shopping on
mainland is accessories, cosmetics
©  SAP AG 2010. All rights reserved. / Page 9
Demographics and
Archetypes
©  SAP AG 2010. All rights reserved. / Page 10
China’s Luxury Consumer is Young
Almost Half under 35
73% 50%
60% 55%
China: % of luxury shoppers under 45
(and under 35)
US: % of luxury shoppers under 45
(and under 35)
Under 35
Trading Up: 35% traded up to more expensive brands last 2 years
Seeking New Experiences: Spending on luxury services (spas, wellness,
etc.) growing faster than that on luxury goods
©  SAP AG 2010. All rights reserved. / Page 11
2 Categories of the Young Population
Impulsive “Yu Guang Zu” and Tech Savvy
China Population Structure in 2010
400MM
25%
Ages 15-24
35%
Ages 25-34
60% of consumers buying foreign
brand perfumes are under 34
Source: Accenture
©  SAP AG 2010. All rights reserved. / Page 12
Growth of Mid and High-End Brands
Influence of The Post-1980’s and Post-1990s
Post 1980s
Born after “Cultural
Revolution”
Good jobs
Sense of optimism
Post 1990s
Fast growth
Fashion and Tech-
Savvy
More outdoor
activities requiring
“right” outfits
©  SAP AG 2010. All rights reserved. / Page 13
Emergence of 3 New Archetypes
Differing Emphasis on Luxury
% luxury
households
Source: McKinsey, BCG
40%
22%
% luxury
consumption
51%
45%
3%
1%
10%
65%
5%
20% Role Models: Shape fashion trends
Fanatics: Strong influence on consumers;
online influence
Core Buyers: Spends 12-20% of income on
luxury goods (US$ 3K – 9K annually)
Middle Class Aspirants: Infrequent buyers,
cautious spenders
Household Distribution and Luxury
Goods Consumption by Archetype
Emergence of 3 New Archetypes
Differing Emphasis on Luxury
©  SAP AG 2010. All rights reserved. / Page 14
Role Models (20% Spend)
Rich, Young and Fashionable
Socio-Income Profile:
Corporate executives or self-employed
Lives in Shanghai and Beijing
Studied or worked overseas
Buying Behavior:
10% of disposable income on luxury
Most buying for at least 5 years
Spontaneous
Why they Buy:
Feel unique rather than display wealth
To indulge themselves
What they Care About:
Good service in stores is important
Prefers to shop outside China
©  SAP AG 2010. All rights reserved. / Page 15
Fashion Fanatics (5% Spend)
Not Rich, But Researches and Spends More
Socio-Income Profile:
Earns $15K – 30K
Incomes rising steadily
Buying Behavior:
40% of disposable income on luxury
Spends most free time on fashion trends
Will buy on credit to be on cutting edge
Why they Buy:
Social acknowledgement of purchase
Strong influence on others, sharing
purchases and opinions online
What they Care About:
Planning and research: window shopping,
online, editorials, celebrities, friends
Cares less about store service
©  SAP AG 2010. All rights reserved. / Page 16
Middle Class Aspirants (10% Spend)
Occasional and Cautious Shopper
Socio-Income Profile:
Earns $9K – 30K
Mid-level position in local or multinational
Lives in Tier 2 or Tier 3 cities
Buying Behavior:
9% of disposable income on luxury
Less knowledge & experience
Considerable research (2-3 months)
Why they Buy:
Aspire to higher social circles; feel successful
Stand out from the crowd
What they Care About:
Price (hence fine with local brands)
©  SAP AG 2010. All rights reserved. / Page 17
Top 5 Brands Account for 50% Sales
Many Consumers Not Aware of Other Brands
©  SAP AG 2010. All rights reserved. / Page 18
Demographics and
Archetypes
1.  Young consumers are vital and
relate to more and varied
(price) brands
2.  Role Models primary shop
overseas
3.  Fashion Fanatics should be
targeted for adoption/promotion
– they will attract the Aspirants
©  SAP AG 2010. All rights reserved. / Page 19
The Retail Challenge
©  SAP AG 2010. All rights reserved. / Page 20
36 Cities Constitute 75% of Luxury Market
But This Will Change with Emerging Cities
75%
75% of luxury market captured by
top 36 cities
25%
Other
620
cities
Top 36
cities
Breakdown within the top 36 cities
28%
2 mega
cities
32%
25 developed
cities2
40%
9 large markets1
1.  Chongqing, Dongguan, Foshan, Guangzhou, Hangzhou, Nanjing, Shenzen, Tianjin, Wenzhou
2.  Includes cities as Xian, Taiyuan, Yantao
Source: McKinsey, BCG, Reuters
TODAYBUTINCOME
DISTRIBUTION
WILLCHANGE
0
20
40
60
80
100
120
2010 2020
Distribution of Upper Middle Class
Top 100 Cities
Next 300 Cities
85%
65%
10%
30%
©  SAP AG 2010. All rights reserved. / Page 21
Retail Stores Need to Catch Up
Particularly Difficult for Those W/ No Presence
45
20
57
38
50
8
Japan
China
Difference in
Retail Presence
between China
and Japan Hermes Louis Vuitton Chanel
‘00s
20
‘00s
70
‘000s
5
USA
China
Difference in
Retail Presence
between China
and USA Benetton Zara Gap
Example
Brands with No
Presence
©  SAP AG 2010. All rights reserved. / Page 22
But Brands Need to Strike a Balance
Between Growth and Exclusive Experience
Source: Bain & Co.
©  SAP AG 2010. All rights reserved. / Page 23
The Brand Experience Matters
The Brands Differentiate on This Factor
Commercial
Premium
Market
Upper Premium
Market
Designer
Haute
Couture
Marco Polo
Ralph Lauren,
Boss, Seven
Akris, Burberry
Armani, Gucci,
Prada
Dior, Gaultier
Luxury
Market
Source: h&p
©  SAP AG 2010. All rights reserved. / Page 24
Difference in Exclusivity and Presentation
Such Focus is Slowing Store Growth in China
©  SAP AG 2010. All rights reserved. / Page 25
Exceptional Service In-Store Matters
Primary Driver for Buying Decision in China
44%
In-Store
14%
Word-of-Mouth
21%
Internet
13%
Traditional
Media
7%
Direct
Marketing
Activities In-Store
•  Evaluated product
•  Spoke to salesperson
•  Window shopping
•  Read catalog
Relative Importance in Buying Decision
for Luxury Apparel
Source: McKinsey, BCG
©  SAP AG 2010. All rights reserved. / Page 26
Need to Position to Emerging Emotional States in China
And be Perceived as Such
Pursue Success and Status
Professional Achievement, Social Status
60-70% of consumers relate
More pronounced in high-tier cities
Balanced Lifestyle/ Laid-Back
Spend more on leisure and fun, “enjoy life”
More pronounced in lower-tier cities
Be Classic (Female)
or Blend In (Male)
Be comfortable
More males skew
toward laid-back
Be Trendy (Female) or
Stand Out (Male)
Visible and Edgy
More females skew
toward being
expressive
More in high-tier cities
©  SAP AG 2010. All rights reserved. / Page 27
The Retail Challenge
1.  Brands need insight of consumers
in emerging cities
2.  Particularly difficult for many
brands not yet in market (note: not
haute couture)
3.  Need to position and be perceived
to right emotional state
4.  Underscores need of influencers
to shape perception
©  SAP AG 2010. All rights reserved. / Page 28
The Role of Internet
©  SAP AG 2010. All rights reserved. / Page 29
Role of Internet in Creating Awareness
Unique Circumstances
21%
Internet
52%
Saw an ad43%
Checked
reviews
online
10%
Brand’s
website
•  25% of e-commerce demand for products
not found in physical stores
•  Country size limits the coverage of
physical retailers.
•  For many consumers, especially
younger ones, first contact with a brand
or type of product is online
•  Most shoppers start their search within
Taobao (80% of 2010 volume)
•  Taobao.com blocks the spider of the
top search engine, Baidu.com
•  Shoppers do not rely on search engine
as in other countries
•  Beyond discounts
•  Uniqueness, convenience, fun of the
discovery process
Factors driving first
awareness of brand online
©  SAP AG 2010. All rights reserved. / Page 30
BUT
Frequent Online Research but Fewer will Buy
Rather Buy In-Store
Source: KPMG study of 1300 respondents
They search often
Frequency of online search for luxury
brands
Most will not buy online
Intent of purchase
43%
Will NOT buy
22%
Will consider
buying
Better deal
Easier for
comparisons
Less time consuming
Authenticity concerns
After-sales service,
returns
Payment security
Note: online purchase higher for other items
©  SAP AG 2010. All rights reserved. / Page 31
Importance of Social Reviews
Due to Distrust of Merchants
0 10 20 30 40 50 60
43%
Read or
posted
reviews
20%
52%
19%
Visits official
brand
websites
US, Europe
China
Source: McKinsey, BCG
Due to consumer wariness
and distrust of merchants
Importance of social
reviews and “opinion
leaders”
•  Bulletin-board services
(BBS)
•  Social networking sites e.g.
RenRen, Youku, Kaixin
•  3rd party review sites on
Sina
•  Media firms (CIC) that
aggregate comments
•  Brand sites with BBS
©  SAP AG 2010. All rights reserved. / Page 32
Consumer-Generated Content Effective
In Influencing Brand Choice
Source: KPMG study of 1300 respondents
©  SAP AG 2010. All rights reserved. / Page 33
Digital Platforms Getting Crowded
But Emphasis on Social Media Attributes
Burberry on Kaixin Coach on Ren-Ren
Lancome App on
iPhone
Bottega Veneta on Weibo
©  SAP AG 2010. All rights reserved. / Page 34
Mobile Apps in Infancy
For Search and Shopping of Lifestyle Purchases
Source: KPMG, AdChina
0
20
40
60
80
100
120
% consumers
using mobile to
search
% consumers
using mobile to
shop
17% 5%
©  SAP AG 2010. All rights reserved. / Page 35
The Role of Internet
1.  Chinese spend considerable time
on research
2.  They depend on social influencers
for brand awareness, education
3.  But will not necessarily purchase
high-end luxury items online
4.  Mobile is in its infancy for luxury
shopping
5.  Social app attributes are key
©  SAP AG 2010. All rights reserved. / Page 36
The Role of Chinese
E-Commerce Players
©  SAP AG 2010. All rights reserved. / Page 37
Fashion Brands Differ in their Online Sites
On Presentation, Vividness and Information
Brands	
  
Tie
r	
  
Online
Shoppin
g	
  
Store
availabilit
y	
  
Vividness	
  
Interactiv
e	
   social
share/
likes	
  
Faceboo
k page	
  
own
online
communit
y	
  
Catalog
(pricing
info)	
  Zoom-in Design
Christian Dior	
   1	
   No	
   Yes	
   No	
   Yes	
   No	
   No	
  
Gaultier	
   1	
   Yes	
   No	
   No	
   Yes	
   No	
   Yes	
  
Chanel	
   1	
   No	
   Yes	
   No	
   Yes	
   No	
   No	
  
Versace	
   1	
   No	
   Yes	
   Yes	
   Yes	
   No	
   No	
  
Armani	
   2	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Gucci	
   2	
   Yes	
   Yes	
   Yes	
   Yes	
  
Personal
Likes	
   Yes	
  
Prada	
   2	
   Yes	
   Yes	
   No	
   Yes	
   No	
   Yes	
  
Fendi	
   2	
   Yes	
   Yes	
   Yes	
   Yes	
  
Personal
Likes	
   No	
  
Dolce &
Gabbanna	
   2	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Burberry	
   3	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Louis Vuitton	
   3	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Boss 	
   3	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Calvin Klein	
   3	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
Ralph Lauren	
   3	
   Yes	
   Yes	
   Yes	
   Yes	
   No	
   Yes	
  
©  SAP AG 2010. All rights reserved. / Page 38
Yet E-tailers Attract Consumers in China
Brands Creating Stores on Sites as Taobao
Own Site Partner Taobao Glamour Sales
Penetration
Description
Purpose/
Operations
Major brands as
Armani, Bally
$60Bln
transactions
500k+ members
Own ecommerce
site, add-ons to
corporate
Brand site with
own domain
name + “Powered
by Yoox”
Brands
establishing
official sites for
presentation
Promotions
targeting price-
conscious
Marketing and
consumer
education
Yoox offers
ecommerce
solution; same
price, products
Event-driven
promotions and
limited inventory
MONO BRAND MULTI-BRAND
LEADING CHANNEL
©  SAP AG 2010. All rights reserved. / Page 39
The Top 2 has 40% Market Share
Taobao Mall and 360Buy
©  SAP AG 2010. All rights reserved. / Page 40
And They Are Sticky
Leading to Growth of over 30% for Leaders
Other luxury segment players include:
•  VIP Store: 500 luxury brand partnerships
•  360 Fashion: social media news, new brands, integration to social platforms
©  SAP AG 2010. All rights reserved. / Page 41
Examples of companies
tremendously successful in China
Autos
Consumer
Goods
RetailElectronicsGlobal Internet Players Have Failed
While Other Global Brands have Succeeded
Internet companies
struggled in China
failed to
failed to
BUT
failed to
failed to
©  SAP AG 2010. All rights reserved. / Page 42
Different Social Networks
©  SAP AG 2010. All rights reserved. / Page 43
The Role of Chinese
E-Commerce Players
1.  Multi-label e-tailers are primary
access points to consumers
2.  They are sticky and growing
3.  While foreign companies in other
industries have succeeded in
China, internet companies have
failed
©  SAP AG 2010. All rights reserved. / Page 44
Summary
SO WHAT?
©  SAP AG 2010. All rights reserved. / Page 45
Focus on the Entire Evaluation Process
Takes 2-3 Months for Chinese Consumer
TouchPoints
Time
Awareness
Info Search
Evaluation of
Alternatives
Price, Avail.
& Purchase
Post-
Evaluation
Mono-label Stores:
Armani, Burberry
High-End Retailer:
Neiman Marcus
E-Tailers
Brand Advertising
Endorsements (celebrities)
Editorial
Stylists
Social (friends, family)
Window shopping
In-Store experiences
Focus and
Motivate Key
Influencers;
Sensorial-rich
mediated
environment
©  SAP AG 2010. All rights reserved. / Page 46
Examples of Growing Sites
Awareness ! Decision
Net-A-Porter: Comprehensive
• Catalogs and shopping by designer,
• What’s new,
• Editorial
• Many countries
Asos: Engaging (1.6M fb likes)
• Virtual wardrobes with tags to share, competitions
• daily deals, marketplace for vintage
• editorial; community reviews
• inventory check from other sites, own labels
• Mobile, iPad, PC
©  SAP AG 2010. All rights reserved. / Page 47
New Start-Ups
Focused on Influencers: Stylists
Boutine: New Incentive Model
• Financial ncentives for “stylists” to sell items via
virtual catalogs
• Focused on emerging designers who post items
Stylist Pick: Professional Stylists
• Popular stylist consultants and handbag/shoes
• Fixed price
• Own label
©  SAP AG 2010. All rights reserved. / Page 48
Summary
Target and Position to Consider
Young
Consumers
Multi-Tier
Brands
Brand
Education of
Middle Class
Tier-2 and
Tier-3 Cities
Engagement
TEST NON-
CHINESE
MARKETS
FIRST
Social
Guidance:
Awareness !
Purchase
Influencers as
Fashion
Fanatics
TARGET POSITION
©  2011 SAP AG. All rights reserved. 49Internal
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Fashion Market in China

  • 1. INTERNAL Fashion Market in China Sami Muneer, SAP
  • 2. ©  SAP AG 2010. All rights reserved. / Page 2 China Luxury Market •  Growth, Demographics, Archetypes The Retail Challenge in China The Role of the Internet in Luxury Shopping in China Ecommerce Players So What?
  • 3. ©  SAP AG 2010. All rights reserved. / Page 3 Growth of the China Luxury Market
  • 4. ©  SAP AG 2010. All rights reserved. / Page 4 Luxury Segment* is Growing Driven by 3 Factors 1.  Wealth Increase Within largest cities Rapid urbanization in new areas 2.  First-hand Experience Overseas travel Local stores 3.  Access to Information Internet: social forums, editorials Source: McKinsey, 2011 World Luxury Association Blue Book 15% online purchase in 2011 ($2.5B)
  • 5. ©  SAP AG 2010. All rights reserved. / Page 5 Driven by Wealthy and Upper Middle Class Spending is Concentrated in Top 5M Households 80 B 50% 2010 2015 > 1 MM (700K households; 20% growth) 180 B Luxury Goods Consumption by Income Class* (RMB, US$ = 6.3RMB) Ø 200K- 1MM (4MM households; 15% growth) Ø 100K-200K (13 MM household; fastest growth) 12% 33% 40% 22% 26% Source: McKinsey, BCG *% don’t add to 100% due to other small segments Very Wealthy Own assets greater than 10MM RMB Well-traveled Wealthy Growing number residents in lower-tier cities Upper Middle Class Stretch budgets for occasional purchase
  • 6. ©  SAP AG 2010. All rights reserved. / Page 6 But the Very Wealthy Travel and Spend There 60% of Luxury Spend is Overseas Luxury Goods Spend Bln RMB, 2010 (% CAGR) 40% China (27% CAGR) 35% HK & Macau (45% CAGR) 25% Overseas (38% CAGR) Drivers for Overseas Spend •  Higher prices on mainland •  Increased overseas travel by the wealthy •  RMB appreciation 212 Bln Total Source: McKinsey, 2011 World Luxury Association Blue Book, Bain Survey of 2000 consumers
  • 7. ©  SAP AG 2010. All rights reserved. / Page 7 Most Local Spend is on Accessories, Cosmetics 70% of Mainland Purchase Source: Bain & Co.
  • 8. ©  SAP AG 2010. All rights reserved. / Page 8 Growth of the China Luxury Market 1.  Market is growing 2.  Most shopping by the wealthy is overseas 3.  70% of luxury shopping on mainland is accessories, cosmetics
  • 9. ©  SAP AG 2010. All rights reserved. / Page 9 Demographics and Archetypes
  • 10. ©  SAP AG 2010. All rights reserved. / Page 10 China’s Luxury Consumer is Young Almost Half under 35 73% 50% 60% 55% China: % of luxury shoppers under 45 (and under 35) US: % of luxury shoppers under 45 (and under 35) Under 35 Trading Up: 35% traded up to more expensive brands last 2 years Seeking New Experiences: Spending on luxury services (spas, wellness, etc.) growing faster than that on luxury goods
  • 11. ©  SAP AG 2010. All rights reserved. / Page 11 2 Categories of the Young Population Impulsive “Yu Guang Zu” and Tech Savvy China Population Structure in 2010 400MM 25% Ages 15-24 35% Ages 25-34 60% of consumers buying foreign brand perfumes are under 34 Source: Accenture
  • 12. ©  SAP AG 2010. All rights reserved. / Page 12 Growth of Mid and High-End Brands Influence of The Post-1980’s and Post-1990s Post 1980s Born after “Cultural Revolution” Good jobs Sense of optimism Post 1990s Fast growth Fashion and Tech- Savvy More outdoor activities requiring “right” outfits
  • 13. ©  SAP AG 2010. All rights reserved. / Page 13 Emergence of 3 New Archetypes Differing Emphasis on Luxury % luxury households Source: McKinsey, BCG 40% 22% % luxury consumption 51% 45% 3% 1% 10% 65% 5% 20% Role Models: Shape fashion trends Fanatics: Strong influence on consumers; online influence Core Buyers: Spends 12-20% of income on luxury goods (US$ 3K – 9K annually) Middle Class Aspirants: Infrequent buyers, cautious spenders Household Distribution and Luxury Goods Consumption by Archetype Emergence of 3 New Archetypes Differing Emphasis on Luxury
  • 14. ©  SAP AG 2010. All rights reserved. / Page 14 Role Models (20% Spend) Rich, Young and Fashionable Socio-Income Profile: Corporate executives or self-employed Lives in Shanghai and Beijing Studied or worked overseas Buying Behavior: 10% of disposable income on luxury Most buying for at least 5 years Spontaneous Why they Buy: Feel unique rather than display wealth To indulge themselves What they Care About: Good service in stores is important Prefers to shop outside China
  • 15. ©  SAP AG 2010. All rights reserved. / Page 15 Fashion Fanatics (5% Spend) Not Rich, But Researches and Spends More Socio-Income Profile: Earns $15K – 30K Incomes rising steadily Buying Behavior: 40% of disposable income on luxury Spends most free time on fashion trends Will buy on credit to be on cutting edge Why they Buy: Social acknowledgement of purchase Strong influence on others, sharing purchases and opinions online What they Care About: Planning and research: window shopping, online, editorials, celebrities, friends Cares less about store service
  • 16. ©  SAP AG 2010. All rights reserved. / Page 16 Middle Class Aspirants (10% Spend) Occasional and Cautious Shopper Socio-Income Profile: Earns $9K – 30K Mid-level position in local or multinational Lives in Tier 2 or Tier 3 cities Buying Behavior: 9% of disposable income on luxury Less knowledge & experience Considerable research (2-3 months) Why they Buy: Aspire to higher social circles; feel successful Stand out from the crowd What they Care About: Price (hence fine with local brands)
  • 17. ©  SAP AG 2010. All rights reserved. / Page 17 Top 5 Brands Account for 50% Sales Many Consumers Not Aware of Other Brands
  • 18. ©  SAP AG 2010. All rights reserved. / Page 18 Demographics and Archetypes 1.  Young consumers are vital and relate to more and varied (price) brands 2.  Role Models primary shop overseas 3.  Fashion Fanatics should be targeted for adoption/promotion – they will attract the Aspirants
  • 19. ©  SAP AG 2010. All rights reserved. / Page 19 The Retail Challenge
  • 20. ©  SAP AG 2010. All rights reserved. / Page 20 36 Cities Constitute 75% of Luxury Market But This Will Change with Emerging Cities 75% 75% of luxury market captured by top 36 cities 25% Other 620 cities Top 36 cities Breakdown within the top 36 cities 28% 2 mega cities 32% 25 developed cities2 40% 9 large markets1 1.  Chongqing, Dongguan, Foshan, Guangzhou, Hangzhou, Nanjing, Shenzen, Tianjin, Wenzhou 2.  Includes cities as Xian, Taiyuan, Yantao Source: McKinsey, BCG, Reuters TODAYBUTINCOME DISTRIBUTION WILLCHANGE 0 20 40 60 80 100 120 2010 2020 Distribution of Upper Middle Class Top 100 Cities Next 300 Cities 85% 65% 10% 30%
  • 21. ©  SAP AG 2010. All rights reserved. / Page 21 Retail Stores Need to Catch Up Particularly Difficult for Those W/ No Presence 45 20 57 38 50 8 Japan China Difference in Retail Presence between China and Japan Hermes Louis Vuitton Chanel ‘00s 20 ‘00s 70 ‘000s 5 USA China Difference in Retail Presence between China and USA Benetton Zara Gap Example Brands with No Presence
  • 22. ©  SAP AG 2010. All rights reserved. / Page 22 But Brands Need to Strike a Balance Between Growth and Exclusive Experience Source: Bain & Co.
  • 23. ©  SAP AG 2010. All rights reserved. / Page 23 The Brand Experience Matters The Brands Differentiate on This Factor Commercial Premium Market Upper Premium Market Designer Haute Couture Marco Polo Ralph Lauren, Boss, Seven Akris, Burberry Armani, Gucci, Prada Dior, Gaultier Luxury Market Source: h&p
  • 24. ©  SAP AG 2010. All rights reserved. / Page 24 Difference in Exclusivity and Presentation Such Focus is Slowing Store Growth in China
  • 25. ©  SAP AG 2010. All rights reserved. / Page 25 Exceptional Service In-Store Matters Primary Driver for Buying Decision in China 44% In-Store 14% Word-of-Mouth 21% Internet 13% Traditional Media 7% Direct Marketing Activities In-Store •  Evaluated product •  Spoke to salesperson •  Window shopping •  Read catalog Relative Importance in Buying Decision for Luxury Apparel Source: McKinsey, BCG
  • 26. ©  SAP AG 2010. All rights reserved. / Page 26 Need to Position to Emerging Emotional States in China And be Perceived as Such Pursue Success and Status Professional Achievement, Social Status 60-70% of consumers relate More pronounced in high-tier cities Balanced Lifestyle/ Laid-Back Spend more on leisure and fun, “enjoy life” More pronounced in lower-tier cities Be Classic (Female) or Blend In (Male) Be comfortable More males skew toward laid-back Be Trendy (Female) or Stand Out (Male) Visible and Edgy More females skew toward being expressive More in high-tier cities
  • 27. ©  SAP AG 2010. All rights reserved. / Page 27 The Retail Challenge 1.  Brands need insight of consumers in emerging cities 2.  Particularly difficult for many brands not yet in market (note: not haute couture) 3.  Need to position and be perceived to right emotional state 4.  Underscores need of influencers to shape perception
  • 28. ©  SAP AG 2010. All rights reserved. / Page 28 The Role of Internet
  • 29. ©  SAP AG 2010. All rights reserved. / Page 29 Role of Internet in Creating Awareness Unique Circumstances 21% Internet 52% Saw an ad43% Checked reviews online 10% Brand’s website •  25% of e-commerce demand for products not found in physical stores •  Country size limits the coverage of physical retailers. •  For many consumers, especially younger ones, first contact with a brand or type of product is online •  Most shoppers start their search within Taobao (80% of 2010 volume) •  Taobao.com blocks the spider of the top search engine, Baidu.com •  Shoppers do not rely on search engine as in other countries •  Beyond discounts •  Uniqueness, convenience, fun of the discovery process Factors driving first awareness of brand online
  • 30. ©  SAP AG 2010. All rights reserved. / Page 30 BUT Frequent Online Research but Fewer will Buy Rather Buy In-Store Source: KPMG study of 1300 respondents They search often Frequency of online search for luxury brands Most will not buy online Intent of purchase 43% Will NOT buy 22% Will consider buying Better deal Easier for comparisons Less time consuming Authenticity concerns After-sales service, returns Payment security Note: online purchase higher for other items
  • 31. ©  SAP AG 2010. All rights reserved. / Page 31 Importance of Social Reviews Due to Distrust of Merchants 0 10 20 30 40 50 60 43% Read or posted reviews 20% 52% 19% Visits official brand websites US, Europe China Source: McKinsey, BCG Due to consumer wariness and distrust of merchants Importance of social reviews and “opinion leaders” •  Bulletin-board services (BBS) •  Social networking sites e.g. RenRen, Youku, Kaixin •  3rd party review sites on Sina •  Media firms (CIC) that aggregate comments •  Brand sites with BBS
  • 32. ©  SAP AG 2010. All rights reserved. / Page 32 Consumer-Generated Content Effective In Influencing Brand Choice Source: KPMG study of 1300 respondents
  • 33. ©  SAP AG 2010. All rights reserved. / Page 33 Digital Platforms Getting Crowded But Emphasis on Social Media Attributes Burberry on Kaixin Coach on Ren-Ren Lancome App on iPhone Bottega Veneta on Weibo
  • 34. ©  SAP AG 2010. All rights reserved. / Page 34 Mobile Apps in Infancy For Search and Shopping of Lifestyle Purchases Source: KPMG, AdChina 0 20 40 60 80 100 120 % consumers using mobile to search % consumers using mobile to shop 17% 5%
  • 35. ©  SAP AG 2010. All rights reserved. / Page 35 The Role of Internet 1.  Chinese spend considerable time on research 2.  They depend on social influencers for brand awareness, education 3.  But will not necessarily purchase high-end luxury items online 4.  Mobile is in its infancy for luxury shopping 5.  Social app attributes are key
  • 36. ©  SAP AG 2010. All rights reserved. / Page 36 The Role of Chinese E-Commerce Players
  • 37. ©  SAP AG 2010. All rights reserved. / Page 37 Fashion Brands Differ in their Online Sites On Presentation, Vividness and Information Brands   Tie r   Online Shoppin g   Store availabilit y   Vividness   Interactiv e   social share/ likes   Faceboo k page   own online communit y   Catalog (pricing info)  Zoom-in Design Christian Dior   1   No   Yes   No   Yes   No   No   Gaultier   1   Yes   No   No   Yes   No   Yes   Chanel   1   No   Yes   No   Yes   No   No   Versace   1   No   Yes   Yes   Yes   No   No   Armani   2   Yes   Yes   Yes   Yes   No   Yes   Gucci   2   Yes   Yes   Yes   Yes   Personal Likes   Yes   Prada   2   Yes   Yes   No   Yes   No   Yes   Fendi   2   Yes   Yes   Yes   Yes   Personal Likes   No   Dolce & Gabbanna   2   Yes   Yes   Yes   Yes   No   Yes   Burberry   3   Yes   Yes   Yes   Yes   No   Yes   Louis Vuitton   3   Yes   Yes   Yes   Yes   No   Yes   Boss   3   Yes   Yes   Yes   Yes   No   Yes   Calvin Klein   3   Yes   Yes   Yes   Yes   No   Yes   Ralph Lauren   3   Yes   Yes   Yes   Yes   No   Yes  
  • 38. ©  SAP AG 2010. All rights reserved. / Page 38 Yet E-tailers Attract Consumers in China Brands Creating Stores on Sites as Taobao Own Site Partner Taobao Glamour Sales Penetration Description Purpose/ Operations Major brands as Armani, Bally $60Bln transactions 500k+ members Own ecommerce site, add-ons to corporate Brand site with own domain name + “Powered by Yoox” Brands establishing official sites for presentation Promotions targeting price- conscious Marketing and consumer education Yoox offers ecommerce solution; same price, products Event-driven promotions and limited inventory MONO BRAND MULTI-BRAND LEADING CHANNEL
  • 39. ©  SAP AG 2010. All rights reserved. / Page 39 The Top 2 has 40% Market Share Taobao Mall and 360Buy
  • 40. ©  SAP AG 2010. All rights reserved. / Page 40 And They Are Sticky Leading to Growth of over 30% for Leaders Other luxury segment players include: •  VIP Store: 500 luxury brand partnerships •  360 Fashion: social media news, new brands, integration to social platforms
  • 41. ©  SAP AG 2010. All rights reserved. / Page 41 Examples of companies tremendously successful in China Autos Consumer Goods RetailElectronicsGlobal Internet Players Have Failed While Other Global Brands have Succeeded Internet companies struggled in China failed to failed to BUT failed to failed to
  • 42. ©  SAP AG 2010. All rights reserved. / Page 42 Different Social Networks
  • 43. ©  SAP AG 2010. All rights reserved. / Page 43 The Role of Chinese E-Commerce Players 1.  Multi-label e-tailers are primary access points to consumers 2.  They are sticky and growing 3.  While foreign companies in other industries have succeeded in China, internet companies have failed
  • 44. ©  SAP AG 2010. All rights reserved. / Page 44 Summary SO WHAT?
  • 45. ©  SAP AG 2010. All rights reserved. / Page 45 Focus on the Entire Evaluation Process Takes 2-3 Months for Chinese Consumer TouchPoints Time Awareness Info Search Evaluation of Alternatives Price, Avail. & Purchase Post- Evaluation Mono-label Stores: Armani, Burberry High-End Retailer: Neiman Marcus E-Tailers Brand Advertising Endorsements (celebrities) Editorial Stylists Social (friends, family) Window shopping In-Store experiences Focus and Motivate Key Influencers; Sensorial-rich mediated environment
  • 46. ©  SAP AG 2010. All rights reserved. / Page 46 Examples of Growing Sites Awareness ! Decision Net-A-Porter: Comprehensive • Catalogs and shopping by designer, • What’s new, • Editorial • Many countries Asos: Engaging (1.6M fb likes) • Virtual wardrobes with tags to share, competitions • daily deals, marketplace for vintage • editorial; community reviews • inventory check from other sites, own labels • Mobile, iPad, PC
  • 47. ©  SAP AG 2010. All rights reserved. / Page 47 New Start-Ups Focused on Influencers: Stylists Boutine: New Incentive Model • Financial ncentives for “stylists” to sell items via virtual catalogs • Focused on emerging designers who post items Stylist Pick: Professional Stylists • Popular stylist consultants and handbag/shoes • Fixed price • Own label
  • 48. ©  SAP AG 2010. All rights reserved. / Page 48 Summary Target and Position to Consider Young Consumers Multi-Tier Brands Brand Education of Middle Class Tier-2 and Tier-3 Cities Engagement TEST NON- CHINESE MARKETS FIRST Social Guidance: Awareness ! Purchase Influencers as Fashion Fanatics TARGET POSITION
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