Chanel is China’s Favorite Luxury Brand

Leah Bourne

tumblr_lsljufYdtB1qe9qato1_r1_1280Wondering about the explosive growth of luxury brands in recent years? Most have China to thank. From Louis Vuitton to Gucci, luxury brands have invested big in China looking to capitalize on China’s burgeoning class of nouveau riche.
According to the 2013 World Luxury Index, Chanel is now China’s favorite luxury fashion brand. Chanel came in at number three on the list beat by Audi and BMW, who ranked first and second respectively. It is a position that luxury brands the world over would kill for. According to a study by consulting firm McKinsey & Company, China will account for about 20 percent of global luxury sales in 2015.
Other fashion and beauty companies to be named in the top 10 included Estée Lauder at four, followed by Louis Vuitton at number five. Dior came eighth in the list, Lancôme ranked at 11, Gucci made 12th position, before Hermès at 13.
According to David Sadigh, founder and CEO of Digital Luxury Group: “Chanel is benefitting from an important level of interest in China, mostly emanating from strong interest from Chinese consumers in its beauty products, which Louis Vuitton does not have.”
Are you surprised that Chanel came out on top? Share your thoughts in the comments below!