LVMH Group Representative Director for China, Mr. Andrew Y. Wu, delivered a speech to MBA students of the School on November 18, entitled “China’s modern humanities and fashion trend”.

It was part of a series of activities tailored for MBA Career Week.

Mr. Andrew Y. Wu, LVMH Group Representative Director for China

Backed with examples of Chinese people accumulating wealth in past 6 decades, Mr. Wu explained how to understand luxury goods market and consumer groups.

He said that, the amassing of fortune is accelerated in an explosive way, and China has turned a “place for emerging rich people”, which is able to explain the forming of many consuming habits in marketing and material demands by consumers which burst out abruptly.

While the diversity of regional culture and political system have contributed to the interaction of many Chinese urban centers with luxury brands.

“Every one might be a luxury product consumer. Brands don’t select consumers, and luxury brands attract those people to consume who are looking for fineness of the products,” said Director Wu.

Hong Kong once took the lead and filled the gap between China and fashion world.

When it comes to the establishment of luxury brands, he said that it needs a lot of efforts spent day to day on competing for market share, improving sales performance, and interacting with consumers.

He added that, a culture-laced sales point will facilitate one brand entering a market on target.

After the speech, Director Wu interacted with the MBA students by answering their questions, such as “how LVMH deals with market challenges like counterfeits,” “how LVMH is unnoticeably imposing an influence on humanistic spirits”, and “luxury product pricing system”.

November 25, 2009