‘Let insights from China shape your global strategy,’ says HSBC’s Ida Liu

Luxury is a business of relationships, and the same can be said of private banking. For Ida Liu, who took over as CEO of HSBC Private Bank in January, the two worlds are closer than they might appear. Before leading one of the world’s largest private banking franchises, Liu advised Fortune 500 companies on mergers and acquisitions, led global sales, marketing and business development at Vivienne Tam, the New York fashion house known for its East-meets-West designs, and ran Citi Private Bank’s global business. Across each chapter, a common thread emerged: understand people before products, and secure long-term trust before short-term transactions. In this edition of Jing Daily’s “C-Suite Visionaries” series, Liu reflects on the lessons fashion taught her about leadership, why intuition remains indispensable in an age of data, and how managing wealth for the world’s most influential families requires equal measures of commercial discipline and emotional intelligence. She also describes the rhythm of a role that follows the sun across Hong Kong, London and New York, and the leadership philosophy that keeps her focused. Jing Daily: How did your years inside the fashion industry shape the way you lead in private banking today? Ida Liu: Fashion taught me that commercial success begins with understanding people at a very human level: how they see themselves, what they value and what they aspire to become. It is an industry where creativity must ultimately meet commercial discipline. A beautiful idea is not enough; it has to resonate with the client, be executed exceptionally and remain relevant as tastes change. Private banking demands the same combination — intellectual rigor and technical expertise, paired with curiosity, empathy and the ability to listen for what a client hasn’t yet articulated. Fashion also taught me the value of instinct. Data tells you what has happened; judgment helps you understand what may happen next. As a leader, I try to bring both together: analytical discipline, emotional intelligence and a willingness to see possibilities before they become obvious. JD: Walk us through a day in your life as CEO of HSBC Private Bank. From your first meeting in Hong Kong hours to your last call with New York, what does the rhythm of your day look like, and what rituals keep you grounded? IL: My days follow the sun — beginning in Asia, moving through London and Europe, concluding with the Americas. In between, I’m speaking with clients, reviewing business performance, discussing talent, working through strategic decisions or connecting colleagues across markets. The pace is demanding, but I try not to mistake activity for impact. I ask myself which conversations genuinely require my involvement, where I can unblock a decision, and where simply listening is the most valuable thing I can do. What keeps me grounded is family. Even on the busiest days, I try to create moments of real connection with my husband and children. I also protect small pockets of quiet — often early in the morning — to think rather than react. Global leadership requires stamina, but it also requires perspective. You cannot make good decisions if every minute of your day is spoken for. JD: We’re in the midst of the greatest wealth transfer in history — an estimated $84.4 trillion, with a significant proportion expected to pass to women. How is this reshaping the private banking industry, and how should luxury brands be thinking about this shift? IL: The transfer isn’t just moving assets from one generation to the next — it’s changing who makes financial decisions, how families define legacy, and what they expect from the institutions and brands serving them. Women are already creators, owners, investors and stewards of significant wealth. As more assets move directly into their control, the industry must stop treating women as a demographic segment and start recognizing the diversity of their ambitions. Some are entrepreneurs. Some are inheritors. Some are managing complex family enterprises or preparing the next generation. They don’t need simplified advice or products repackaged in different colors. They expect relevance, expertise and a relationship built around their lives. Luxury brands should draw the same lesson. The opportunity isn’t a “women’s strategy” built on assumptions — it’s understanding women as sophisticated economic decision-makers whose choices increasingly reflect identity, independence, values and discernment. JD: “Power dressing” once meant shoulder pads and borrowing from the male executive’s uniform. As more women take control of significant wealth and C-suite roles, how do you see the codes of power dressing evolving — and what does power look like on your terms? IL: Power dressing used to be about fitting into an established system. Increasingly, it’s about having the confidence to be your authentic self. Women shouldn’t need to dress a certain way to project authority. The most compelling leaders understand themselves. Their clothes support their presence rather than compete with it. For me, power isn’t a particular silhouette. It’s clarity: knowing your values, being prepared, making decisions and treating people with respect. I enjoy fashion and appreciate craftsmanship and having the right outfit amplifies that confidence. The modern power wardrobe has fewer rules. It can be feminine, minimal, expressive or understated. What matters is intentionality — the strongest style is one that lets you enter a room fully focused on the contribution you’re there to make. JD: How does your East-West fluency inform your view of where luxury consumption and wealth creation are heading? IL: Growing up between cultures taught me early that the same gesture, object or experience can carry very different meanings in different contexts. That perspective has been invaluable throughout my career. Wealth and luxury today resist a purely Western or Eastern lens. Capital, families and ideas move globally, but culture remains deeply local. The next generation may study in the United States, build a business in Asia, invest through several international markets, and consider multiple cities home. Their tastes are similarly fluid. The brands and financial institutions that succeed will combine global capabilities with cultural intelligence — understanding not just purchasing power, but history, family dynamics, identity and the different ways people define success. My broader view: the center of gravity is becoming more multipolar. Wealth will continue to be created globally and emerging entrepreneurial ecosystems, and luxury will follow that wealth — interpreted differently in every market. JD: From your seat advising some of the wealthiest families in Asia, what’s really happening with Chinese luxury demand right now? IL: Chinese demand hasn’t disappeared — it’s become more selective. The period when broad market growth could lift almost every luxury brand has passed. Consumers are more knowledgeable, more globally exposed and more demanding about quality, value and cultural relevance. They’re asking whether a product is genuinely distinctive, whether the craftsmanship justifies the price, and whether the brand understands them rather than simply markets to them. As part of this structural evolution in taste, we’re seeing greater interest in experiences, wellness, travel, cultural expression and brands with authentic points of view. Domestic brands are also becoming stronger, combining a strong understanding of local pace and nuance with deep cultural insights and increasingly competitive innovation and technology capabilities. China remains essential to the global luxury industry, but it isn’t a single, uniform consumer story. The opportunity is significant; it's simply more complex and more competitive than it once was. JD: How has the playbook for Western brands entering or expanding in China changed since the start of your career? IL: Early in my career, many Western brands entered China with a simple proposition: bring a recognized global name, open prestigious stores, and introduce consumers to a Western definition of luxury. Now, Chinese consumers are among the world’s most sophisticated and digitally engaged — they don’t need to be educated about luxury. The new playbook begins with humility: local decision-making, faster execution, and a genuine understanding of Chinese culture that goes beyond a campaign built for Lunar New Year. It also means recognizing how different cities, generations and consumer communities really are. Most importantly, China shouldn’t be treated merely as a sales market. It’s a source of creativity, technology, talent and cultural influence. The strongest brands won’t just adapt global ideas for China — they’ll let insights from China shape their global strategy. JD: What categories are quietly booming that luxury executives should be watching? IL: I’d watch the categories that help people live better. Luxury travel and hospitality remain important because people increasingly value access, time and memorable experiences. Wellness is evolving from an occasional indulgence into an integrated part of life — preventive health, longevity, fitness, nutrition, mental well-being. Collectables such as art and jewelry continue to resonate for its rare combination of beauty, portability, personal meaning and intergenerational value. Across all these categories, personalization is becoming more important. JD: How are the next generation of Chinese UHNW clients — many of them second-generation wealthy and educated abroad — different from their parents in how they relate to luxury brands? IL: The first generation often built wealth through extraordinary focus, resilience and entrepreneurship. Luxury could represent achievement — a visible marker of how far the family had come. The next generation respects that legacy, while relating to luxury in a more personal way. They’re often less driven by public recognition and more interested in provenance, design, community and personal meaning. Globally educated and digitally fluent, they move comfortably between cultures — pairing an established European house with an emerging Chinese designer, or choosing a discreet experience over a highly visible object. They also ask more questions: How was this made? Who designed it? What does the brand stand for? Is this genuinely rare, or simply expensive? The deeper change is that they don’t want to inherit an identity along with the wealth — they want the freedom to define their own. Luxury brands that help them express that individuality, without losing respect for family heritage and craftsmanship, will build the most lasting relationships. JD: What’s your boldest prediction for the future of wealth — and luxury? IL: My boldest prediction is that personalization, time and relationships will become the ultimate luxuries. Technology will make financial information, products and commerce more accessible, and artificial intelligence will dramatically increase speed and personalization. But as the world becomes more automated, human judgment will become more valuable, not less. In wealth management, clients will expect sophisticated technology, but they’ll still turn to people when the decisions are consequential: selling a company, preparing children for inheritance, navigating investing, deciding what kind of legacy to leave. Luxury will experience a similar shift. Ubiquity undermines desirability. The brands that endure won’t be those that simply produce more — they’ll be the ones that protect creativity, craftsmanship, cultural relevance and a sense of discovery. The future of wealth isn’t only about how much someone owns. It’s about the choices, agency and impact that wealth makes possible. Jing Daily presents C-Suite Visionaries — an exclusive interview series spotlighting the most influential executives at the helm of today’s leading brands in art, fashion, commerce, and culture. Get inside the minds of the decision-makers driving growth, innovation, and cultural relevance at the highest levels.

‘Let insights from China shape your global strategy,’ says HSBC’s Ida Liu

How Bottega Veneta weaved China’s forever it bag

Upgrade to Pro

Sectors

Insights

Company

‘Let insights from China shape your global strategy,’ says HSBC’s Ida Liu

How Bottega Veneta weaved China’s forever it bag