Longchamp plans to open a Store in China
The luxury leather goods company, Longchamp, is the last standing independent family-owned leather goods maker in France that has gained a world-wide presence and it plans to sustain its global residence.
Despite the economic downturn and the change in consumer spending, Longchamp is planning to optimise its presence in China, according to its chief executive, Jean Cassegrain.
While its rivals like Kering, Gucci and Louis Vuitton are cutting down in stores, the leading French luxury handbag retailer sees demand for its brand grow, it’s CEO said: "The brand is starting to be increasingly appreciated by the Chinese, both at home and abroad."
Its CEO reported that sales of Longchamp in China, Taiwan and Hong Kong surged by 26 per cent in 2013 while sales in Europe slowed by 4 per cent to EUR 462 million - gaining 60 per cent of its turnover in Europe. However, with signs of recovery in Europe this year and the expansion in Asia, Cassegrain hopes that the fashion retailer will hit a double-digit growth in 2014.
Cassergrain revealed that the Chinese, including those from Hong Kong and Taiwan, have become its second most significant customers after the French and Americans.
Furthermore, dipping into the Russian market, Longchamp just launched a permanent office in Moscow with a buyback of its three franchise boutiques, St. Petersburg and two Moscow stores. Russians are the world’s second highest overseas spenders after the Chinese and their key locations are Rome, Paris and Milan according to VAT-refund company, Global Blue.