Big China shift from luxury to consumer goods
Demand for mainstream items grows with the Chinese looking online to America for reliability and brand authenticity
San Francisco
LOOK out Gucci and Prada. China's zest for Western products, which has made it the leading market for luxury goods since 2012, is moving downstream. Michael DeSimone realised it when he and colleagues toured a warehouse loaded with items destined for China.
"We expected the Michael Kors designer handbags," said Mr DeSimone, chief executive officer of e-commerce logistics handler Borderfree Inc. "What we didn't expect were the Costco car seats."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Billionaire Geiger is said to near US$7 billion L’Occitane buyout
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years