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Chinese jeweler Lao Feng Xiang enters list of World's Top 50 Luxury Brands 2022-10-30
Chinese Jeweler Lao Feng Xiang Enters List of World’s Top 50 Luxury Brands
Lao Feng Xiang, one of China’s oldest jewelry brands, has made this year’s Brand Finance Luxury & Premium 50 list.
Lao Feng Xiang ranked 28th in the annual ranking by UK brand valuation consultancy Brand Finance. The Shanghai-based company was one of just two Chinese brands to enter the top 50. The other was hospitality giant Shangri-La.
The Brand Finance Luxury & Premium 50 list ranks companies based on sales, influence, user loyalty, public awareness, fame, reputation, and development potential. Over 5,000 brands in sectors such as autos, cosmetics, and clothing, and 100,000 consumers in 36 countries, were surveyed for this year’s list.
Lao Feng Xiang’s efforts to expand globally helped strengthen its influence and awareness among overseas consumers. In 2012, the company used Hong Kong as a springboard from which to open a total of 16 overseas stores in cities such as New York, Sydney, and Vancouver, Chairman Yang Yi told Yicai Global.
The jeweler’s first US flagship store opened in 2014 on Fifth Avenue, New York, to help overseas consumers become aware of its positioning as a high-end jewelry brand from China, Yang added.
Overseas Chinese also played a key role in enhancing Lao Feng Xiang's influence abroad. Its second US shop opened in New York’s Flushing Chinatown in 2018, and notched up solid sales. The company is considering to further expand in the European and Southeast Asian markets to boost revenues and profits from overseas, Yang said.
In the past 20 years, Lao Feng Xiang’s annual sales have grown to CNY58.6 billion (USD8.1 billion) from CNY750 million (USD103.8 million), with the number of outlets exceeding 5,000. The pandemic did not significantly impact performance. Revenue rose 6.8 percent to CNY33.7 billion in the first half from a year earlier.
Source: Yicai
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