Plan for Laozihao brands to expand
By Joy Wang |
May 26, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI will encourage the time-honored Laozihao brands to list, adopt franchising and e-shopping as well as use modern techniques to revive themselves in order to grow, officials at the Shanghai Commission of Commerce said yesterday.
Shanghai is home to 180 certified Chinese Laozihao, or time-honored, brands that include cosmetics, food stuffs, appliances, bicycles, wristwatches and fans. They usually have a long history and are deeply integrated with the city's culture and development.
Last year, Shanghai's companies with Laozihao brands reported a total revenue of 115.5 billion yuan (US$17.7 billion). One of them is jewelry designer and retailer Shanghai Laofengxiang Co, which said its revenue topped more than 10 billion yuan.
However, young consumers stay away from Laozihao brands, which they find unappealing, and prefer buying foreign brands.
"Such time-honored brands are a great treasure for the city," said Zhang Xinsheng, vice chairman of the commerce commission. "We have to revive such brands and make them shine again."
He also suggested that the Laozihao brands explore franchising, listing on the stock market and setting up e-shopping as possible channels to shine again. Expanding into foreign markets is one way help raise brand awareness domestically, he added.
Shanghai Jahwa Co, a cosmetics firm founded in 1898, has been selling its Herborist products in Paris since 2008.
Shanghai is home to 180 certified Chinese Laozihao, or time-honored, brands that include cosmetics, food stuffs, appliances, bicycles, wristwatches and fans. They usually have a long history and are deeply integrated with the city's culture and development.
Last year, Shanghai's companies with Laozihao brands reported a total revenue of 115.5 billion yuan (US$17.7 billion). One of them is jewelry designer and retailer Shanghai Laofengxiang Co, which said its revenue topped more than 10 billion yuan.
However, young consumers stay away from Laozihao brands, which they find unappealing, and prefer buying foreign brands.
"Such time-honored brands are a great treasure for the city," said Zhang Xinsheng, vice chairman of the commerce commission. "We have to revive such brands and make them shine again."
He also suggested that the Laozihao brands explore franchising, listing on the stock market and setting up e-shopping as possible channels to shine again. Expanding into foreign markets is one way help raise brand awareness domestically, he added.
Shanghai Jahwa Co, a cosmetics firm founded in 1898, has been selling its Herborist products in Paris since 2008.
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