Hong Kong fashion retailer Lane Crawford said yesterday that it will open a three-story shop in Beijing to sell more than 600 designer brands such as Prada and Stella McCartney, tapping the growing demand for luxury goods in China.
The HK$300 million (US$38.3 million), 7,200m2 store will open in October, Lane Crawford president Jennifer Woo (
"With the ever increasing number of high net worth individuals and affluent customers supported by an aspirational market of approximately 4 million in Beijing, we believe there are exciting opportunities for Lane Crawford in this market," she said.
The number of affluent Chinese customers are growing by 19 percent a year, said Bonnie Brooks, president of Lane Crawford Joyce Group, the parent company of Lane Crawford owned by property tycoon Peter Woo (
The parent company operates more than 450 stores in the Asian region, including 233 stores in China. It forecasts sales this year and next to exceed HK$7.8 billion.
"The customers in China, in terms of our experience, are more and more fashion-conscious," Brooks said.
The group will add 50 stores globally by the end of the year, boosting its network to 500 outlets in 17 countries.
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