I will be speaking at L2 ThinkTank’s China Clinic on Sept 9 in NYC in New York together with some great China hands: Christine Lu, CEO of Affinity China Sage Brennan, L2 Think Tank Rebecca Fannin and Sam Flemming founder of CIC to prestige brands about the exploding luxury market in China and the opportunity for luxury brands there. If you’re in town and want to meet up – let me know.
China market spotlight 2011 for Hemisphere
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Last week I gave a talk at Hemisphere, a global community of executives with operating experience leading international expansion and market development for digital companies worldwide, on the challenges for foreign Internet companies to enter and do business in China. Since I ofter get questions about this I decided to share the slides here.
Here is a fresh little video introduction to the exclusive Chinese network P1.
Here is a great interview with P1′s CEO & founder Yu Wang on building a private social network targeting the affluent market in China.
China is slated to become the world’s largest market for luxury goods by 2020 according to investment research group CLSA Asia-Pacific Markets. By 2020, the worldwide luxury market will be worth EUR 385 billion. This means that China will be represent almost 20% of the global total. Now wonder why designers all over the world are flocking to China. Affluent Chinese consumers have a great appetite for designer handbags, watches, clothing and cars.Louis Vuitton Malletier’s biggest customers were already Chinese buyers, while Greater China represented 18 percent of sales for Gucci, 14 percent for Bulgari and 11 percent for Hermes, according to CLSA. What I find really interesting is that unlike any other luxury market is that the biggest luxury consumers in China are men.
P1, the Chinese private social network catering to the affluent young Chinese have just posted their first video report: Cosmetics.
P1 – the exclusive invitation-only social network focused China’s luxury market is in a sweet spot. The luxury market has almost totally recovered from the recession. Sales in China grew an astounding 30 percent year-over-year, reaching almost $13 billion. China is projected to become the 3rd largest consumer of luxury products and services by [...]
P1 – the exclusive invitation-only social network focused China’s luxury market is in a sweet spot. The luxury market has almost totally recovered from the recession. Sales in China grew an astounding 30 percent year-over-year, reaching almost $13 billion. China is projected to become the 3rd largest consumer of luxury products and services by the middle of the decade as reported by Luxury Daily.
In 2020 the affluent class in China will reach 120m (12% of the urban population) and the upper middle class is projected to reach 600m (60% of urban population). Other social networks like Kaixin001, Renren.com, 51.com and QQ wil only be growing the middle class, totally ignoring the affluent class. This is great news for P1 who are totally focused on this demography. A recent article in Forbes covered “Selling to China’s luxury market 101″ but if you really would like to tap into this market my recommendation is to get in touch with the fabulous crew at P1.
Disclaimer, I am a board member of P1.
The Chinese Gaming company The9 has invested in AuroraFeint – makers of the OpenFeint platform to bring OpenFeint to China & Android. Very exciting times for Jason & the team. I first got involved with OpenFeint as and advisor last year after I left [...]
The Chinese Gaming company The9 has invested in AuroraFeint – makers of the OpenFeint platform to bring OpenFeint to China & Android. Very exciting times for Jason & the team. I first got involved with OpenFeint as and advisor last year after I left Facebook & have been very impressed by the speed Jason Citron & his team have executed on their vision under the guiding star of Peter Relan, founder of YouWeb who incubated the company.
OpenFeint has over 2,200 live games for the iPhone, and will soon have publishers such as Astraware, Digital Chocolate, Glu Mobile, Hudson Soft and others onboard.
With both Chinese and Japanese investors onboard (the Japanese gaming giant DeNA invested in the company last year) AuroraFeint is set up for a strong future presence in Asia.
Very excited to see how the how the story unfolds.
Disclaimer: I’m a former advisor & a small shareholder in AuroraFeint.
Next week I’m off to Beijing for my first board meeting with P1 which shall be really exciting and then I’m straight off to the Annual Meeting of the Champions 2009 also called ”Summer Davos” in Dalian, China. If you’re going to be at the event and want to meet up please ping me.
I’m very happy to announce that I joined the Board of Directors of P1.cn. P1.cn is a private (by invitation only) social network for young affluent Chinese, a target group that is expected to grow from 20 million to 80 million over the next decade. I’ve been impressed by the different approach they have taken to social networking and the high quality brands and advertisers they have managed to attract. Looking forward to start working with the Swedish/Chinese founders & the board on this exciting venture!
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