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| US luxury retailer in Chinese foray |
  
Posted Date: 29/06/2012
By InsideRetail.Asia
PRVCY Couture, maker of luxury apparel for men and women, will enter the Chinese market to capitalise on huge consumer growth in luxury.
PRVCY Couture is owned by Omni Ventures, a Kansas-based company operating in premium consumer brands development, merchandising and consumer services.
The company has begun target marketing efforts to segments within the luxury markets in China, and intends to launch an e-commerce website by the end of 2012 in Chinese while also developing partnerships for fulfillment centres in Asia.
With 300,000 millionaires and climbing, China is on pace to become the world's second-biggest buyer of luxury goods by 2015.
The site will feature the PRVCY Couture 'Made in Hollywood' brand targeting the Chinese luxury retail market which has almost tripled in value in the last five years. Major luxury names such as Burberry, Armani, PPR, LVMH, Richemont, Polo Ralph Lauren, Hermes, Prada, Bulgari and Christian Dior are fast becoming well-known brands in Asia, and Omni intends to capitalise on the double digit projected growth.
Affluent consumers are returning to premium brands, and those with newfound wealth are discovering them for the first time with forecasts that the market will grow 65 per cent between 2010 and 2015 in the overall Asian luxury market with a projected value of US$91 billion by 2020.
"Given rising incomes and supportive social factors, Chinese customers are to account for 44 per cent of global luxury sales by 2020, implying a market size of USD$91 billion by 2020. And exciting to the PRVCY Couture brand is that Chinese demand is expected to account for 44 per cent of the global luxury goods market," said Omni Ventures CEO Deepak Ramchandani.
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