Very soon China is expected to become the largest fashion market in the world. This rise in Chinese spending coupled with the new preference for Chinese brands is giving a boost to the country’s fashion and footwear makers. Many Chinese shoppers have typically viewed foreign brands as superior to home-grown labels. The mindset has begun to change, and more shoppers are starting to look to domestic labels.
Heilan Home is one of China’s biggest clothing companies, operating some 5,000 stores. Anta Sports is China’s biggest sports company. Both are now among the ranks of the world’s top performing fashion companies. Chinese companies are growing and becoming competitive in an industry long dominated by American and European businesses. The success of Anta and Heilan reflects shifting attitudes in favor of local brands by Chinese consumers, as local heroes increasingly compete with international high-street brands in areas such as value for money, innovation in design and quality, and customer service.
Chinese millennials and Gen Z are responsible for the lion’s share of luxury consumption globally. China is poised to reach a milestone that signals how the rebalancing of economic power in the world is reshaping industries with it. There is an ascendance of young shoppers and policies are encouraging shopping.