Launched in 2021, the “Luxury Brands in China Power Ranking“ reflects LUXE.CO’s Chinese roots, global perspective, and data driven research through its continuous evolution.

As the only industry ranking focused exclusively on China‘s luxury market, this “Power Ranking” is supported by LUXE.CO’s proprietary database and strong research capabilities. In order to produce an authentic, comprehensive and consistent ranking, we have gathered almost all of the public activities of major luxury brands in China、assessed the significance and impact of each activity objectively and applied a rigorous weighted scoring system. Through this annual/ bi-annual Power Ranking, you could easily observe the strategic focus and level of activity of major luxury brands in China market for the past one year or half year and make comparisons vertically or horizontally.

(Note: The current Ranking covers the period from January 1, 2024, to June 30, 2024, recording 422 brand activities from 92 luxury brands in China, excluding activities related to beauty, fragrance, eyewear, and other peripheral businesses.)

We believe the “Luxury Brands in China Power Ranking” is highly valuable not only to luxury brand companies but also to the players in the whole ecosystem —including commercial real estate developers, premium retailers, PR and advertising firms, and other premium brands in fashion, sports, outdoors, beauty and lifestyle sectors — with extraordinary market and industry insights and great references for future brand development.

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Luxe.CO “Luxury Brands in China Power Ranking 2024 H1” TOP 10 Ranking

The global luxury industry is currently in a very complex and delicate phase.

LVMH Group CFO Jean-Jacques Guiony straightforwardly said, “The link between macro and micro in our business is not easy.”

In the first half of 2024, after consecutive rises in the first quarter, the “Luxe.CO Luxury Sector Stock Index” faced a decline for three consecutive months, returning to the level it was at the end of 2023.

The CFO of both LVMH and Kering mentioned in 2024 Q1 earnings call analyst meetings that, he does not have a “crystal ball.”

However, optimism remains the main tone for luxury brands regarding the Chinese market.

Johann Rupert, Chairman of the Board of Swiss luxury giant Richemont, confidently stated, “ I totally believe in the medium to long term, firstly, in China, in the Chinese consumer.”

In this issue of LUXE.CO’s Power Ranking, we can clearly detect such changes from the brands’ latest initiatives: the nature of sponsorships, the structure of large-scale events, the theme of digital contents, and the choice of ambassadors …
These data and changes reflect the latest understanding and response of major brands to the Chinese market, for instance:

• Compared to the first half of 2023, the number of new stores opened by luxury brands in the first half of this year has decreased by about one-third, but the number of renovations and upgrades to existing stores has doubled.
• Brands are no longer just chasing noise in sponsorship, large events, content marketing themes, or ambassador choices; they are focusing more on conveying a sense of timeless history and humanity.
• Store renovations and upgrades are not limited to the mainland market; Hong Kong and Taipei are also experiencing a wave of brand store upgrades.

(Note: * In the realm of commercial real estates, LUXE.CO plans to launch the “2024 China Commercial Innovation Awards“ at the end of the year. We welcome all commercial real estates owners/operators to contact us and submit your best cases.)

Guiony has frequently mentioned China in analyst meetings: “Globally, the biggest change in fashion and leather goods is with Chinese customers, with a year-on-year increase of 10% in the number of Chinese customers”; however, he also admitted, “but where it happens is totally impossible to predict(Chinese).”

As China’s market environment and consumer sentiment become more and more complex, sophisticated, and “normalized ”, luxury brands should rethink how to present and communicate their brand values and core spirits more convincingly and with a long-term perspective —— a sharp contrast to the “good-old-days”, when no-brainer or “copy-paste” marketing could easily attract huge attention and create herd effect.

While sales-driven marketing is always a must, luxury brands should put more effort than ever into smaller granularity of the contents and the ways of communication between the brand and Chinese customers, such as telling “behind-the-scene” stories more vividly, digging into details of the iconic product and brand history that were previously overlooked.

As the global CEO of a fine jewelry and watch brand recently shared with LUXE.CO: “We are not just competing with other luxury brands but should focus on cultivating a sense of ‘desirability’ among the wider Chinese local audience.”

About LuxeCO Intelligence

LuxeCO Intelligence is the research and consulting firm under LUXE.CO, covering luxury, fashion, sports & outdoors, beauty and lifestyle sectors, whose strengths come from our China roots, global perpective and data-driven research capabilities built over 10+ years.

Powered by our proprietary knowledge pool, extensive industry network and unique data intelligence, we have produced 80+ exclusive reports studying brand, consumer, category and market, and have oraganized numerous online/offline forums, providing first-hand insights and comprehensive best-practice references for the key players in the greater fashion ecosystem, helping the decision makers to gain broader, in-depth and forwarding-looking view of China market and the industry in global context.

LuxeCO Intelligence have been engaged by a number of leading fashion, comercial real-estate and internet companies to provide customized research and long-term strategic advisory services, in terms of corporate communication, brand development and strategic planning.

For further inquiries, please write to lci@luxe.co .