Getting SMBs close to the Chinese market is indispensable for luxury, and it can also be done via digital platforms. That’s what Tod’s CEO, Diego Della Valle, told the vice-minister of business and Made in Italy Valentino Valentini during the “Customer first. Digital Innovation & global export” organized by Alibaba. Della Valle believes that China is a “determinant” factor for Tod’s, if not “indispensable” for luxury. Rodrigo Cipriani Foresio of Alibaba stated that “for Italian companies, China is a market to explore”. A market to capture while waiting for the return of Chinese tourists, today few but with high spending”.
Chinese market for all
“Today China is determining for us, a market that grows year on year. It’s very important, quick and less expensive compared to others, such as the USA, to grow business”, says Della Valle. More generally, writes MF Fashion, the CEO of Tod’s believes the Chinese market to be indispensable for luxury”. That’s why it asks the government to get SMBs closer to the Chinese market and to Tmall (Alibaba) to increase the sensibilization of local clients to Italian lifestyle and culture.
China to explore
An analysis by Sda Bocconi revealed that, in 2022, turnover by 500 Italian companies on Chinese platforms such as Tmall, Tmall global, Kaola and others reached 5.4 billion euro, with a 140% growth between 2019 and 2022. The general manager of Alibaba South Europe, Rodrigo Cipriani Foresio, points out that Italy is the 2nd country as far as imports from Europe go for China, “but it has huge potential to reach number 1”. The same manager believes that Italian companies still “need to explore” the Chinese market.
Few but good Chinese tourists
Chinese tourists still aren’t travelling to Europe with the same frequency. According to travel agency ForwardKeys, plane tickets from China to Europe now cost 80% more than before the pandemic, reported Jing Daily. For this reason as well, the number of passengers during the early May period was down 64% on 2019. But the “few” that travel spend more than before. Data from planet, cited by Credit Suisse, show that the average transaction value for each Chinese tourist in Europe in March was up 28% on the comparable period of 2019.
Archive photo from Imagoeconomica
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