British Label Breaks Into Greater China During Fast Fashion Boom
British fast fashion giant Topshop has announced June 6 as the date for its anticipated Hong Kong flagship opening, marking the brand’s first Greater China store opening during a time when mid-range retail is rapidly outpacing luxury in growth numbers.
The 14,000-square-foot flagship in Asia Standard Tower will feature both Topshop’s standard collections as well as premium lines and designer collaborations. Personal shoppers will be available by appointment in the store’s service suite.
The company enters the Greater China market at an optimal time for affordable fashion, which is now growing at a faster rate than luxury in China, according to a recent report by commercial real estate services firm CBRE. With the rise of middle class incomes and urbanization, companies like Topshop have become a new force in a market where luxury has already established itself.
Regarding possible expansion to the mainland, Topshop is not planning to open a flagship in the near future despite lagging behind counterparts Zara and H&M, which set up shop in there in 2006 and 2007, respectively. However, the British brand has been testing the waters with pop-up shops in Shanghai and Shenzhen, and began selling its lines at FEI Space in Beijing’s 798 Art District in 2011.
The store’s retail space and staff and logistics support will be managed by Lane Crawford subsidiary LAB Concept. As part of this cooperation, Topshop will also have a corner in LAB Concept’s Queensway Plaza store. According to President of Lane Crawford Andrew Keith, “From our own businesses, we’ve seen the growing demand from customers who want accessibility to fashion and beauty without compromise on design or trend.”