New York Skincare firm Erno Laszlo is eyeing big growth in the Chinese market.
In a recent interview with Jingdaily, the firm’s CEO Charles Denton revealed plans to become an RMB1 billion brand within five years.
“Our goal is over the next five years to have 30–40 department stores and 10–20 boutiques, which we call ‘Laszlo spaces,’” said Denton. The brand currently operates five department stores in China.
“We will be launching our standalone stores with the first one in Shenzhen this spring/summer”, he said.
The move may partly be in response to a drop in regional sales following regulatory moves against cross-border “daigou” reselling operations, which have restricted the operations of hand-carry agents traditionally operating in and out of Hong Kong. Erno Laszlo’s expansion plans may serve to address the resultant gap in the market by better serving Chinese consumers on the ground.
The heritage brand has already been available in Mainland China for almost five years via its online flagship stores on Tmall. Denton has indicated plans to further drive the brand on the Taobao platform alongside opening new physical counters.