Luxury handbags are being adopted as a status symbol among Chinese executives. Could this luxury fashion trend catch on here?
Having all the right accessories is crucial for any well-dressed executive. The Rolex and TAG Heuer watches, the smart shoes and flashy cufflinks, and especially the designer handbags – at least, if you’re an executive in China.
Men’s designer handbags (or satchels, if you will) have never caught on in Western fashion. But as LA Times journalist David Pierson recently reported, men make up 45% of the $1.2-billion market for designer handbags in China. That’s a lot of designer handbags – but how did this trend get started?
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It starts with currency –the Yuan comes in small denominations, and cards are not widely used. This leaves China’s high-rollers carrying wads of cash that test any wallet’s limits. Add in a smartphone, business cards, and other vitals, and it’s too much for a pocket to bear. China’s reliance on public transportation also leaves out the option of one’s car for safekeeping. But instead of adopting Western-style briefcases, Chinese executives are opting to wear their penchant for luxury brands quite literally on their sleeves.
"For Chinese, it's a show of masculinity," Beijing marketing strategist Zhang Lianhai, sporting one of Prada’s black leather designer handbags, told Pierson. "We need luxury brands. You won't be taken seriously if you look too casual."
It’s a boon for the designer handbags industry, which has begun producing more masculine designer handbags catering to the Asian market. "China is a fantastic opportunity," Victor Luis, president of Coach Retail International told Pierson. "There's a confidence and comfort in Chinese men utilizing bags in the same manner as women do." Along with Coach, Chinese executives prefer designer handbags by luxury brands like Louis Vuitton, Prada, Gucci, Burberry, and...Read the rest of the article at:
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