Priestess NYC in Beijing | Source: Priestess NYC
NEW YORK, United States — The growing importance of the Chinese market to the retail sector is well known – particularly amongst large multinational fashion companies. Few smaller labels, however, have made it their mission to penetrate the vast country. But for Cody Ross, the New York-based Texan behind five-seasons-old womenswear label Priestess NYC, establishing a local presence in China early on is a critical part of his strategy.
“If you look at the statistics in China, there are 360,000 millionaires there now and the luxury and semi-luxury market represents about $6.5 billion,” says Ross, who also happens to be a hedge fund manager. On shifting consumer behavior in China, Ross continues: “It used to be that only men spent a lot of money on fashion goods for their girlfriends. Now about 80 percent of women are spending disproportionately more in the luxury and semi-luxury brackets.” The enterprising designer, who lived in Shanghai for three years, clearly sees potential in the Chinese market.
