The Chinese market remains a strong and vibrant economy which rewards innovation and offers key growth opportunities for international brands to tap into its expanding young consumer base, according to the head of Tapestry Inc., a New York-based luxury goods group.
Joanne Crevoiserat, the company's CEO, was speaking during an interview with the China Global Television Network (CGTN) in Beijing, where she highlighted how the Chinese market continues to show strong vitality in spite of global headwinds, and said it has help fuel her company's rapid growth in recent years.
"What we see in the marketplace is a vibrant economy, one where we're able to deliver innovation into the market, deliver compelling value, really work deeply with our consumers to understand them and then bring innovation to life for them. And that is powering our business. We've seen tremendous success in this market. We've been in this market for over 20 years, we have over 350 stores across 90 cities in this market. Yet we see continued growth opportunity, and we're excited about that growth opportunity," she said.
"In the last quarter, we've grown double digits -- over 30 percent -- in this market. And for several quarters now, we've grown double digits. So that gives us the confidence to see that we have a lot of opportunity in the long run, way ahead in China," she added.
Crevoiserat further stressed the importance of the Chinese market in driving Tapestry's wider global strategy and expressed full confidence in its future development, saying her company particularly hopes to tap into the huge potential afforded by China's young consumer base.
"More than 70 percent of our growth in the coming years will come from international markets and China is a key market. But it's not just a market for growth for us, it's a market for inspiration. We are meeting with young consumers, are engaging them in our brands in a deep way and leveraging innovation from this market and it informs what we do globally. I believe that China can be our fastest growing market over the next five years and I'm excited to unlock that here," she said.
Vibrant Chinese market fuels success, inspires innovation for luxury brands: Tapestry CEO
