The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The British luxury department store institution has opened its second iteration of The Residence, as it calls its invitation-only culture, events and personal shopping spaces in China.
The new outpost, in Beijing, is located at the The Opposite House hotel, and has its own private restaurant. It plans to offer exclusive products such as haute couture, high jewellery and watches, as well as social events for its local clientele, Harrods said.
The department store has been doubling down on China for some time. In 2019, it held a three-day pop-up The Residence experience in Shanghai, and then set up a permanent version last year. This marked the first time the company had expanded its private shopping service outside of London.
In 2017, Harrods’ Managing Director, Michael Ward, said Chinese consumers were already spending more at Harrods than British consumers, and were the department store operator’s largest single national customer base.
Its increasing investment in China has been made more urgent due the pandemic-induced disruption of travel between China and London.
China’s jewellery market is surging double-digits but in the face of growing competition from local players some international brands are only seeing subdued returns.
Doubts about the country’s post-pandemic recovery is making investors, and perhaps shoppers, nervous.
The brand known for its traditional and ornate Chinese aesthetic will be one of the first major C-beauty players to go global when it touches down in the US and Japan later this year.
To unleash the full potential of ‘China’s Silicon Valley’ luxury brands must invest more in the vibrant city at its core and better understand the local mindset.