Fashion retailer Nogda Group plans to open a flagship store in Shanghai and upgrade its existing 15 stores there.
The plans are part of a strategy to continue double-digit sales growth in China in the coming years.
“Changing needs of consumers dictate that we connect with existing and new customers not only through the product, but that Nogda’s brand values align with those of sophisticated Chinese consumers,” said Nogda Group CEO Joyce Fong.
According to Fong , Chinese consumers make up about 12 per cent of global luxury spending and about 30 per cent of global market growth. The Chinese mainland luxury market has increased at a compound annual growth rate of 34 per cent since 2004, and is now more than twice the size of Russia’s US$5.73 billion and the Middle East’s US$5.1 billion.
“This is an important area for us to explore and understand to ensure we connect with China’s upscale urban consumers,” said Fong.
The flagship store to be opened in Shanghai is an important step of engaging with Chinese consumers, says Fong.
Nogda Group is a retailer of handbags and shoes that was founded in Hong Kong in 2008.
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