After a well-received New York Fashion Week show, Victoria Beckham announced that she would be opening a second brand-owned store, but not in New York. The British designer has revealed that she is looking for space in Asia for the new store, and China is the logical choice.
Over just five years, Beckham has achieved an increase in annual turnover of 2900 percent for her ‘Victoria Beckham’ brand, growing from £1 million per year to £30 million, according to Retail Gazette. Her sales of £83,000 of stock per day in 2013 earned her the title of Entrepreneur of the Year from Management Today. With her success, Beckham is looking to expand into the Asian market.
As Beckham says, “I’m selling my clothes, not just in New York and London, I’m selling clothes all around the world.”
Currently, the Victoria Beckham brand is sold from its London flagship store, through multi-brand online retailers, and through high-end department stores in the United States and Europe. As Beckham looks to expand in Asia, China seems like the best landing spot.
Victoria Beckham is no stranger to the Chinese market, having partnered with Lane Crawford Hong Kong and unveiling a limited edition Land Rover at the Beijing Auto Show in 2012.
What’s more, Victoria has accompanied her husband to China a number of times for engagements related to his Beckham global brand and his role as brand ambassador for Haig Club scotch and Jaguar Land Rover.
Making China even more attractive is the fact that the country is expected to overtake the United States as the world’s largest retail market by 2018, in addition to its title as the world’s largest e-commerce market.
On her choice for an Asian expansion, Beckham said, “I love the women there. They really understand fashion and style; they’re beautiful. So why not Asia?”
image credit: victoria beckham