At the recent grand opening of Moynat's second flagship store in mainland China, Guillaume Davin, the CEO of this heritage Parisian luggage brand did an interview with domestic fashion site Ladymax to explain why the "slow luxury" strategy has continued to be the essence of Moynat in a fast-moving era and what that means for the brand's recent entry into China.
In his explanation of the concept of "slow luxury," which, to his mind, Moynat exemplifies, Davin, who was previously with Louis Vuitton, contrasted Moynat with some other leading labels that he deems "fast luxury," which have established a huge market presence in China today.
To him, Moynat, as a niche brand that truly demonstrates the conventional spirit of luxury, maintains the balance between productivity and quality to insist on delivering products that are in line with the traditional belief and origin of "luxury."
"Moynat is a luxury brand that focuses on craftsmanship and quality to create the perfect artwork for our consumers," Davin told Ladymax. "We are in no rush for sales. We (also) firmly resist marketing and advertising, as we need to keep the brand image of Moynat top-notch and private."
The relationship between Moynat and consumers is mostly one-on-one and private. Davin said their loyal customers usually share the same values and beliefs with the brand. That's the reason why Moynat does not need any extra marketing efforts to chase after them. Thanks to the intimate relationship and the shared values, customers come to Moynat. Currently, the brand is not mass-faced, Davin said, it targets the top five percent high-end global consumers.
The new flagship store in the high-end shopping mall IFS in the city of Chengdu is brand's second physical store in mainland China, following Moynat's initial launch in Beijing's InTime Department Store in October 2015.
Davin said Chengdu had a lot of real luxury consumers whose purchasing power even surpassed its Western counterparts. The brand also has a lot of loyal fans in the city.
Chinese consumers have also become highly important to Moynat in recent years. Every year, nearly 25 percent of consumers visiting Moynat's two major stores in Paris and London are Chinese. In addition, as the luxury market in the country matures, Davin noted that the consumption power of Chinese luxury buyers has outshined consumers in developed nations.
When it comes to the difference between Chinese and Western customers, Davin said the brand's Chinese buyers are, in general, much younger, starting from 25 years old. In Japan, the low age of customers is 30 and in North American it's 40. Moreover, he felt Chinese female consumers, though young, have often demonstrated a good understanding of Moynat's brand philosophy.
"I think Chinese ladies are relatively more independent and resilient than Western women, and have more autonomy when making decisions," he said. "Another key thing is that Chinese women have a unique understanding of luxury and advanced consumer awareness."
On the launch date, Moynat invited Chinese actress Liu Tao and the fashion blogger Mr. Bags to attend with the brand's CEO and Creative Director Ramesh Nair. "The main idea of inviting these KOLs is to introduce the brand to a more targeted customer group in China," he said.
Currently, Moynat has no plans to offer e-commerce services in China.