Exclusive Report China Luxury Brands Power Ranking 2023 H1

 Despite the tumultuous adjustments experienced in 2021 and 2022, luxury brands remain confident in the China market. The most telling data is that in just the first half of 2023, luxury brands have opened 150 new stores, including 48 different levels of flagship stores (source: Tong.Luxe.CO).

 Luxury brands are increasing their focus and investment in physical stores in the China market. At the same time, the consumption potential in cities and regions beyond the first-tier cities is emerging, injecting a strong boost to the development of luxury brands in the China market. 

In terms of sales contribution and growth rate, the importance of the China market to the global luxury goods industry is self-evident. But more importantly, China is subtly reshaping various aspects of the global luxury goods industry from the present to the future. 

Comparing this year's discussions and exclusive interviews Luxe.CO has had with the various luxury brand CEOs, they are now more directly addressing issues related to specific operational details, the local market, and consumers. We deeply feel that the curiosity, thirst for knowledge, and contemplation of luxury brand executives worldwide regarding the China market are becoming more profound and comprehensive, and the response time gets faster. Behind these contemplations are the intensifying competitive situation in the China market and the ever-increasing diversity of demands from local consumers. 

China's vast and diverse cities and cultures, the unique composition and youthfulness of China's consumer base, the iterative speed of China's brick-and-mortar and digital channels, the accelerated influx of more niche brands, and the rapid growth of China's homegrown brands - all in all, the increasing competition in China's marketplace, as well as the diversified needs of the local consumer whose awareness is constantly growing, are all posing higher demands on the accurate judgement, rapid response, bold decision-making, and localization strategies of luxury brands. 

Entering 2023, Chinese consumers' expectations for a better life are growing, and at the same time, the intense competition in the high-end market continues to escalate. Winning the challenges faced in the China market remains a formidable task. 

The 2023 H1 Luxury Brand Power Ranking list is based on the comprehensive public information from the brands' official channels as tracked by tong.luxe.co on daily basis, and it is calculated with weighted scores based on Tong.Luxe.CO's research findings. 

The current release of the 2023 H1 power ranking list covers the period from January 1, 2023, to June 30, 2023, and includes 462 dynamics from 93 luxury brands (this list does not include dynamics from the beauty and personal care fragrance category). 

In January 2024, Luxe.CO will release the Luxury Brand China Power Ranking list for the entire year of 2023. Stay tuned!