Tapestry and Coach sees CIIE as more than an expo
Updated 20:17, 04-Nov-2019
Global Business

Global companies are gathering in Shanghai to attend the second China International Import Expo (CIIE), which will kick off on Tuesday. And Tapestry, the New York–based house of brands, considers the CIIE as a fantastic platform for promoting inclusivity, more than an expo, according to Yann Bozec, the CEO of Tapestry and Coach China. 

"When we look at the CIIE, we see that it is far more than just an expo. We felt that the CIIE was promoting an open world, promoting sharing success globally," Bozec said.  

The CEO appreciates China's efforts on making this "fantastic platform" happen, adding that the purpose of the CIIE is "incredible alignment with the purpose of Tapestry."  

Tapestry's brands, such as Coach, Kate Spade and Stuart Weitzman, have gained popularity here in China. Bozec stresses on the importance of Chinese market. In his point of views, China not only has huge consumption potentials, but also represents a source of inspiration from product and customer experience perspective. 

Yann Bozec, the CEO of Tapestry and Coach China, accepts CGTN’s interview in Shanghai, China. /CGTN Photo

Yann Bozec, the CEO of Tapestry and Coach China, accepts CGTN’s interview in Shanghai, China. /CGTN Photo

Meanwhile, China's is now the largest luxury market in the world. A report from McKinsey indicates that China delivered more than half the global growth in luxury spending over the past eight years, and Chinese consumers at home and abroad spent 770 billion renminbi (about 115 billion U.S. dollars) on luxury items in 2018. 

Demographic is certainly one of reasons behind the growth, according to Bozec. "There is something else, maybe even more meaningful, which is the way customer engaged with fashion and luxury here in China," he mentioned.  

"Several years ago, the Chinese customer was a very passionate student and learnt about fashion and luxury. And now we monitor that these customers are transforming into being the key driver of the fashion world and the luxury industry. That's fascinating," the CEO further explained. 

He also notes that China's post-90s consumers, better known as Generation Z, are delivering the shot in the arm for China's luxury market. 

Moreover, to stand out from fierce competition in China, Bozec emphasizes on the significance of innovation as well as digitalization. 

"The first one is innovation -- innovation behind product and behind customer experience. The second one is definitely digitalization. Generation Z in China, even more than any other place in the world, is very born-digital on hand and digital first," Bozec observed. 

"And we are working now on opening a global digital innovation center in shanghai to help expose all of the newness and everything that we learn from the digital world in China to the world," Bozec told CGTN.