Lotus may bloom on mainland
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Lotus Arts de Vivre is considering opening stores on China's mainland as demand for luxury jewelry and accessories continues to rise, its chairman said.
The Thailand-based family business will open its first Chinese mainland exhibition in Shanghai in March to test the market before deciding on expanding further on the mainland.
"We want to feel the pulse of the market first," said Rolf von Buren, chairman of the company. "We will consider opening stores in China. It's a market with huge growth potential.
"The economic ups-and-downs won't cast a shadow on our products," he said. "We target clients representing 1 percent of the population who cherish our traditional Asian craft and unique designs."
The jeweler is in the top end of the luxury market. Its hand-made products are priced up to US$4 million.
Lotus Arts de Vivre already has stores in Hong Kong and Macau. Its network also covers Thailand, the United Kingdom, the United States, Singapore, Cambodia, Japan, and Indonesia.
China's strong economic growth is creating an increasingly wealthy population, laying the foundation for continued growth in luxury products.
A Bain & Company report predicted earlier that the Chinese luxury market was expected to grow 12 percent in 2009 from US$8.6 billion in 2008. The report said the sector is projected to drop 8 percent in the rest of the world.
China's economy expanded 8.9 percent in the third quarter of 2009.
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