Lane Crawford’s Pedder Group is weathering a period of slow economic growth in China with a new collection of exclusive handcrafted products.
The “Krafted I” collection contains an assortment of high-quality handbags, shoes, furniture, and accessories from niche brands around the world. Featured products include crocodile, cordovan, buffalo, and calf footwear from Italian designer Alberto Fasciani, rugs from the Malaysian design firm Omar Khan Home, jewelry from The Gem Palace in Jaipur, India, and furniture designed by architect Yabu Pushelberg. Prices for these exotic treasures range from a pair of sandals for 4,000 Hong Kong dollars (US $516) to a custom silk carpet for 250,000 Hong Kong dollars (US $32,255).
According to the Padder Group’s president, Peter Harris, exclusivity or the “point of difference” factor is a valuable business consideration during times of economic slowness.
“Having gone through two financial crises, often your first thought is to notch the buy down but it’s often the point of difference, very special things, that resonate with the customer. People think ‘if I’m going to spend then I want it to be special,'” Harris said in an interview with Women’s Wear Daily.
The curated collection debuted last week in Lane Crawford’s IFC store, and will also be available in Shanghai and Beijing locations starting early this month and continuing for four weeks. A second collection is already in the works for the company’s spring-summer season.
However, the collection will not be offered in the company’s newest store in Chengdu. The lower-tier city represents a newer market where many consumers have not yet acquired a taste for the exclusive niche items, but prefer more traditional brands.
Nevertheless, Harris is optimistic about the collection’s success among Lane Crawford’s established consumer base in China.
“Hong Kong is a very branded retail landscape,” he says. “This is probably the first time we’ve presented something a little more obscure than they are perhaps used to. But we absolutely feel that our customer understands quality and wants something that everyone does not have.”
image credit: lane crawford