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Possibilities beckon as opulence takes hold
By Hu Xiaocen |
November 16, 2012, Friday
|
Print Edition
Print Edition
BRITISH luxury home and lifestyle company WWRD Holdings, owner of brands like the 250-year-old Wedgwood, expects rosy business in China as wealthy Chinese consumers shift their lifestyle to one of opulence.
"We've seen a strong growth in China. I think for our products it's only the beginning," said Pierre de Villemejane, chief executive officer of WWRD Holdings LLC, the holding company of world-famous china and crystal brands - Wedgwood, Waterford, Royal Albert, and Royal Doulton.
"When you look at the luxury consumers, they normally start with something they can wear. It's all about jewelry, ready-to-wear, and then cars. But gradually they move toward home decoration and art. We see that evolution starting to come over to the Chinese market," de Villemejane said.
He said in order to meet the demand of its customers the firm focuses on getting the right product assortment and product offering.
"So we've been working on repositioning our brands to have a portfolio of home and lifestyle icons. We have transformed Wedgwood from a traditional tableware business into a luxury lifestyle brand of giftware and home decoration, which is really the backbone of our growth moving forward," he said.
In 2011, the company's business more than doubled in China compared with 2010, and the growth will continue by double digits.
"China is a promising market for us and we tend to open more retail stores in luxury shopping malls in tier-one and tier-two cities," de Villemejane said. "We have about 25 stores today and we want to double the figure in the next two years for Wedgwood."
The US and Japan, the biggest luxury goods markets in the world, are the top contributors of revenue to WWRD.
"We've seen a strong growth in China. I think for our products it's only the beginning," said Pierre de Villemejane, chief executive officer of WWRD Holdings LLC, the holding company of world-famous china and crystal brands - Wedgwood, Waterford, Royal Albert, and Royal Doulton.
"When you look at the luxury consumers, they normally start with something they can wear. It's all about jewelry, ready-to-wear, and then cars. But gradually they move toward home decoration and art. We see that evolution starting to come over to the Chinese market," de Villemejane said.
He said in order to meet the demand of its customers the firm focuses on getting the right product assortment and product offering.
"So we've been working on repositioning our brands to have a portfolio of home and lifestyle icons. We have transformed Wedgwood from a traditional tableware business into a luxury lifestyle brand of giftware and home decoration, which is really the backbone of our growth moving forward," he said.
In 2011, the company's business more than doubled in China compared with 2010, and the growth will continue by double digits.
"China is a promising market for us and we tend to open more retail stores in luxury shopping malls in tier-one and tier-two cities," de Villemejane said. "We have about 25 stores today and we want to double the figure in the next two years for Wedgwood."
The US and Japan, the biggest luxury goods markets in the world, are the top contributors of revenue to WWRD.
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