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The Bling Dynasty: Why the Reign of Chinese Luxury Shoppers Has Only Just Begun (Wiley Finance), by Erwan Rambourg
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Review
"China's volatile demand for luxury has left industry executives scratching their heads. How much longer will anti-corruption measures weigh on sales? Are Chinese becoming more value-driven as they travel more and more sophisticated? Ultimately, how should global luxury brands set their pricing, supply, store openings and digital strategy to capture Chinese consumers? The Bling Dynasty is an insightful read for luxury managers, consultants and anyone who wants to understand consumption trends and China's role in shaping them. As a former marketing manager in the industry, author Erwan Rambourg understands how the brands operate inside and out. As a co-head of global consumer and retail equity research at HSBC, he has taken his analytic depth to his first book, filing it with interesting numbers and interviews with executives. Mr. Rambourg has a unique background as a Frenchman growing up in the U.S. and being based in Hong Kong for the past 4 years has given him a front-seat view of how the Chinese consumers operate and a broad perspective of the often opaque global world of luxury." - Wei Gu, Wall Street Journal editor for China Wealth and Luxury “The Bling Dynasty puts doubters of China’s appetite for luxury goods to the back of the queue. Erwan Rambourg’s clever use of avatars to portray the true nature and extent of the huge desire for luxury goods in China makes this an informative but also easy read. It is a must for anyone hoping to understand what drives the consumers of the world's second largest economy. Rambourg, based in Hong Kong at HSBC, is one of the leading experts on the luxury goods sector and in The Bling Dynasty he successfully combines well researched data with access to the real shoppers on the street.” - Laura Chesters, business reporter and luxury goods specialist at London Evening Standard and The Independent “Erwan Rambourg adopts an engaging, conversational voice to explain the complexities of the Chinese market – as if inviting his readers to a dinner party at his Hong Kong flat. He answers the questions on so many minds with clear explanations peppered with parables, literary references, hard data and genuine, wide-eyed discovery.” - Miles Socha, European editor of Women’s Wear Daily “In this book Erwan Rambourg has managed to combine his vast knowledge of the luxury goods sector with ideas drawn from his personal experience as a westerner who has re-located to Hong Kong. The result is an interesting and entertaining viewpoint of the Chinese consumer and of the Luxury goods world in general. In a simple but efficient manner the book covers an important and current issue in a way which allows the reader to view the dynamics of the world of luxury goods from an unusual perspective. I particularly enjoyed being able to re-visit, through the book, some of the feelings that I have experienced during my many visits to Asia.” - Diego Della Valle, Tod’s Group Chairman and CEO “Erwan Rambourg knows the luxury goods industry inside out. His on-the-ground work in China yields deep insights into the mindset of the local consumer and a clear analysis of the unparalleled opportunities this market offers to attractive, global brands.” - Claus-Dietrich Lahrs, Chief Executive Officer HUGO BOSS AG “Erwan Rambourg is both a marketer, an analyst and a thinker and has used his broad experience of the luxury industry to write The Bling Dynasty a bit like an international correspondent. He's exploring China, the new Eldorado for Luxury and his inside knowledge and the focus on consumers have produced an analysis which is both sharp and concrete. A few memorable moments as well as a very personal touch make this book very informative and entertaining to read." - Francois Le Troquer, Executive Director Luxury Division, Watches of Switzerland - Mappin & Webb “China's middle class holds the key to the future of luxury. Erwan Rambourg demonstrates this with extensive insights into both the luxury industry and what Chinese want.” - Francis Belin, Senior Vice President Asia Pacific, Swarovski Consumer Goods Business "Through first-hand knowledge and unique facts and anecdotes, The Bling Dynasty provides an in-depth analysis of one of the most important markets for luxury brands, China. Erwan shares his insights with incisive scrutiny and wit, and offers a unique perspective on a sector that is both abundantly discussed yet still filled with misconceptions.” - Ketty Pucci-Sisti Maisonrouge, Luxury Entrepreneur, Adjunct Professor at Columbia Business School, Associate Professor at IE Business School, author of The Luxury Alchemist “I have been speaking with Erwan Rambourg for years and have benefited considerably from his ideas. Anyone who wants to understand the luxury market must first understand the Chinese consumer. The Bling Dynasty is a must-read for investors, marketers, or anyone who wants a deeper understanding of the future of luxury in China.” - Robert Dunphy, Portfolio Manager, OppenheimerFunds
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From the Inside Flap
WHY THE LUXURY MARKET’S FATE RESTS IN CHINESE WALLETS The media has negatively focused on the Chinese political administration clamping down on gifting. Observers have come to doubt the strength of Chinese consumption as the key driver for luxury. The Bling Dynasty illustrates how doubts about Chinese consumption are ill-founded and Chinese luxury demand is on the cusp of becoming dominant. This book contains the research and expert views companies need to understand and address the new challenges posed by this dominance. Each chapter brings a different perspective, covering complex aspects of luxury consumption, with illustrations and real-world examples that support the research. Readers will gain insights through interviews with brand executives, retailers, experts, and consumers. As an economic heavyweight, China is fast realizing its role in the luxury market. Chinese consumers should be accounting for more than a third of the global luxury market today, and half, if not more, in ten years’ time. The Bling Dynasty runs counter to the conventional wisdom that expanding sectors become more global. Luxury is actually becoming over-dependent on Chinese sales. Readers will: Understand how Western brands developed in Asia and the challenges they are met with, notably ubiquity Learn why Chinese are purchasing luxury items abroad and what it means for the future of the sector Gain insights on why there are no Chinese luxury brands challenging Western models Realize that Chinese consumers are becoming similar to their American peers and that luxury competition goes way beyond pre-conceptions
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Product details
Series: Wiley Finance
Hardcover: 300 pages
Publisher: Wiley; 1 edition (October 13, 2014)
Language: English
ISBN-10: 1118950291
ISBN-13: 978-1118950296
Product Dimensions:
6.2 x 0.9 x 9.1 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.8 out of 5 stars
15 customer reviews
Amazon Best Sellers Rank:
#1,133,735 in Books (See Top 100 in Books)
As an analyst who has been covering the luxury industry for the past six years, I have developed the highest respect for Erwan Ranbourg's expertise, well-reflected in this engaging book. From the rise of the aspirational consumer, to the effects of rising Chinese tourism, to the more recent Korean Wave, Rambourg hits all the major trends with well chosen examples. Underlying the short term ripples is the large demographic shift of Chinese citizens entering the middle class, brand-aware and social-media-savvy. Good summaries are at the end of each chapter, helpful if one wants to cite a point in a discussion!Highly recommended!
This book is a dynamic exploration of what China's consumer landscape is today. Interesting, colorful, and informative, Rambourg has found a way of communicating a business message using a voice that is compelling for the reader, regardless of their level of expertise. I loved how he delved deep into history and motivations of the Chinese consumer- unwrapping a cultural background that is so vastly different from the Western shopper, and so crucial to understand for any luxury retailer. As a business leader for a global luxury goods company, I found this book to be very impressive and have strongly recommended it to both senior leadership and retail arms of my company.
You don't have to be interested in China to want to read this book. You only need to be curious a bit about the past and/or especially the future. China's luxury consumers have played a role in each.
Ewan has written the ultimate guide for anyone interested in understanding, not only the luxury market and trends in China, but also the impact and influence of other regions in Asia. I also find insightful his views and analysis of the real global trends in luxury affecting all parts of the world - developed and emerging. His style is accessible and approachable, and should be read by all interested in the luxury market.
I have been working for and with consumer product and luxury companies in China for more than 12 years. Mr. Rambourg's book is an outstanding overview of the history, current state an future of the luxury industry in China and among Chinese speakers the world over. His long history in the luxury business combined with his time in Asia has brought to bear a book that long time China hands like myself as well as readers just starting to think about China a lot to think about. Most importantly of all, I learned new things about my business and my adopted 2nd home and I can't say that about all China related books I read.Michael Zakkour, Principal at Tompkins International and Author of "China's Super Consumers"
The one and only Erwan Rambourg could write a book on any topic: I will make sure to read it. I am not working in the luxury industry and yet found "the Bling Dynasty" highly relevant and insightful (my company makes high end precision optics instruments).It would be an understatement to say that I thoroughly enjoyed reading Rambourg's book. It's extremely well documented, informative and witty. A fun and yet serious book to read. A+!
The best consumer insight book I've read in a long time. The author provides a thorough, methodical and entertaining reflection on the new Chinese consumers and their relationship with luxury. The style, both personal and sprinkled with anecdotes, contrasts pleasantly with the vast majority of business books. Waiting for part II !
A new Silk Road runs from west to east. For the past decade, luxury companies have rushed to cash in on China’s boom. But Erwan Rambourg’s prediction of the reign of Chinese shoppers is starting to look shaky just a few months after his “Bling Dynasty†hit bookshops.Rambourg, an HSBC analyst, is bullish about the country’s prospects despite what he calls near-term challenges. He says the sector is undergoing “a once-in-a-generation transformation; no other nationality will influence luxury consumption as much as the Chinese in our lifetime.â€The United States was the top market for luxury in 2014 with 65 billion euros in sales, Bain & Co research shows. Japan was in the second spot, followed by Italy and France. China was fifth, with 15 billion euros of sales. But the ranking is deceptive as Chinese consumers shop abroad to avoid domestic taxes. They account for 29 percent of all global personal luxury sales and are propping up the market in Europe and the United States.Rambourg says the bulk of future growth will occur mechanically. Over the next 10 years, he predicts that the number of luxury consumers in the People’s Republic – broadly, anyone who earns more than $30,000 a year - will double from 75 million to 150 million, while spending should triple. In this scenario, the Chinese will dominate the global luxury industry.On paper, the figures back him up. China had 213 billionaires on the 2015 Forbes Billionaires List, second only to the United States. The exploding middle class points to a consumption bonanza.But the reality has become more complex since the book was published in October. Sales growth of luxury goods in mainland China turned negative for the first time in 2014, Bain research shows.Contrast this with Bain’s 2011 forecast for 30 percent sector growth and it’s clear just how much this former star market has dimmed. China’s 2014 GDP expansion of 7.4 percent was the country’s weakest since 1980 and spending by the super-wealthy on gift giving has fallen by a quarter.Luxury executives point to factors like China’s anti-corruption crackdown, which has made government officials reluctant to display ostentatious wealth. But certain brands have been unscathed, suggesting other factors are also at work.Ultra high-end labels like Hermes and Brunello Cucinelli are still seeing relatively strong sales. Meanwhile, “mega†brands that pursued breakneck expansion are faring less well. Prada pinned huge hopes on the Chinese market when it chose to list in Hong Kong rather than Italy in 2011. That bet has not come good yet. The Italian company’s sales in Greater China declined 7 percent in 2014. LVMH also reported negative sales in the region as Chinese consumers cooled towards flashier labels like its flagship Louis Vuitton brand.Contrast this with LVMH’s performance in the United States where annual revenue jumped 8 percent. The United States is surprisingly underpenetrated, accounting for a quarter of global GDP but only 15 percent of luxury consumption.Meanwhile, handbags and jewellery are facing increasing competition from high-end consumer electronics. The Hurun Research Institute’s latest report shows that Apple products became the luxury gift of choice in 2014, displacing Hermes which slipped to seventh place. Samsung also entered the top ten. Rambourg recognises this trend and says brands should be thinking more about “budget competition†from aspirational luxury labels and tech companies.He also makes a brief reference to how the country’s political history has shaped its luxury consumption. More detail about this fascinating topic would have given deeper insight than can be gleaned from cold data. After decades of Communist Party rule, how is the country figuring out what denotes status? How does this help explain volatile demand for western luxury goods that has at times flummoxed non-Chinese executives?The author doesn’t see Western luxury brands facing much local competition any time soon. For now, the “Made in China†label faces the biggest prejudice from Chinese consumers themselves. The Cultural Revolution undermined a history of refinement and craftsmanship, and domestic production is dominated by a mindset that meets expectations at low cost.But Rambourg could be underestimating a market that has evolved at breakneck speed. The country’s art sector already shows a nationalistic streak, with Chinese collectors preferring ancient calligraphy and native artifacts.There is no doubt that China will be a key market for luxury goods. But slowing sales and unpredictable consumption suggest luxury groups should be careful not to take the Bling Dynasty’s rise for granted.- Carol Ryan
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