Chinese Luxury at a Glance
Western luxury revenues in China contracted.
A new generation of Chinese brands thrived.
18-20%
drop in China domestic luxury spending in 2024
92%
gross margin achieved by the most profitable brand in this report
+221%
revenue growth for the fastest-rising brand in 2025
Inside the Guide
What you'll learn
Ten brand profiles across nine sectors, researched and written by Bertrand Théaud, Founder and CEO of Statrys, with 26 years on the ground in Asia.
Each profile includes the latest financial data, the strategic context behind the growth, and what the brand reveals about a market in transition.
Ten brand profiles across nine sectors
Full financial data, distribution footprint, and strategic analysis for each brand, covering jewellery, automobiles, spirits, beauty, outerwear, fashion, accessories and watchmaking.
Why Western luxury lost ground in China
Bain reported an 18-20% decline in domestic luxury spending in 2024. LVMH, Kering and Richemont have been posting falling China revenues for several quarters. This section explains the consumer shifts that drove it and why a reversal is unlikely.
The deals and signals Western houses cannot ignore
L Catterton partnered with Mao Geping, and Bernard Arnault spent half an hour inside Lao Pu Gold's Shanghai store. This section documents the moments that show how seriously the established players are taking the competition.
Four structural patterns shaping the next decade
From the geography of new luxury talent to the 2024 IPO window, founder-led brand control, and heritage borrowed from five thousand years of Chinese history rather than a founding date. The conclusion draws out what these ten brands have in common and what comes next.
"For two decades, Western luxury sold to China. Today, Chinese luxury is starting to sell to the world."
FROM THE GUIDE
The shift is already underway. Get the full picture.
Researched and published by Statrys. Free to download.