Apart from brands’ self-architected promotional campaigns, anniversary events curated by shopping malls that host luxury brands are emerging as a sales booster for their high-end brand tenants, with momentum being seized by Hangzhou Tower, a renowned shopping centre located downtown in one of China’s most important tourist cities Hangzhou.
The high-end department store that houses some of the world’s luxury labels including Bulgari, Celine, Dior, Gucci, Loewe and Louis Vuitton is reported to have knocked out sales of 300 million RMB ($44.85 million), a year-on-year increase of 46.9% in four days during Hangzhou Tower’s anniversary season. The first day of the celebration alone recorded sales of over 100 million RMB ($14.95 million) according to the store’s parent MAG Jiebai Group.
The luxury sections saw an overall sales growth of 59%, with Chanel pulling off approximately 30 million RMB ($4.48 million) and Dior and Cartier recording 15 million RMB ($2.24 million). It is understood that several luxury brands adjusted their global product distributions in preparation for the event with 60 brand retailers introducing exclusive and limited offers dedicated to the occasion. Those included was the “Lady Féerie” jewellery series watch from Van Cleef & Arpels which is priced at 750,000 RMB ($112, 117) and Fred, a French luxury jeweller, who unveiled to the world its pear-shaped diamond necklace.
The latest sensation follows the buying frenzy at luxury stores in the world’s most profitable shopping malls in Beijing SKP earlier in April. And a parallel achievement was gained recently at another upscale shopping complex, Deji Plaza in Nanjing during its 16th anniversary celebrations that ran from 18 to 26 June with a whopping 200 million RMB ($29.89 million) worth of sales locked on kickstart day. With shopping centre anniversaries continuing to pull up sales for brands, these events have become increasingly important in luxurious brands’ marketing strategies in the world’s second-largest luxury market.