“Made in China” brands emerging in luxury goods market

Billionaire investor Warren Buffet and Microsoft founder Bill gates have revealed they are fans of Chinese suit maker Trands, and Buffet believes China is the future of fashion.

Trands, based in Dalian in China’s northeast, is one of several up-and-coming Chinese brands taking on Gucci, Armani and Prada.

Chinese sales of luxury goods grew by 12 per cent last year to almost US$10 billion, over 27% of the global market, Bain & Co. reported.

China’s luxury spending is expected to increase to more than US$14 billion in the next five years, which will make it the world’s number one market.

Chinese consumers are brand-conscious, and international brand names know this, with Louis Vuitton opening one of it’s largest stores in Shanghai, and Harrods opening its first ever store outside the UK in the same city.

However, some Chinese brands are emerging as serious contenders, and the market is open for further expansion.

Hong Kong based Shanghai Tang has already achieved something of an international following, and has stores world wide, and Ports was featured in the movie “The Devil Wears Prada.”

And with the increase in wealth in China, luxury manufacturing, in all sectors, is also expected to increase, with predicted benefits for local production.