Western brands aim for China’s ‘Dragon’ riches
It’s meant to bring riches and power befitting an emperor, but if Western luxury brands have their way the Year of the Dragon will cost their wealthy Chinese customers a fortune instead.
Monday is the start of the Year of the Dragon, the most favourable and revered sign in the 12-year Chinese zodiac.
The dragon is a traditional Chinese symbol of royalty, fortune and power, and the Year of the Dragon usually sees a spike in marriages and births.
Western manufacturers of luxury goods, from cars to watches and chocolates, are hoping the new year also brings a spike in sales to help offset soft demand in Europe and the United States.
“The dragon means good fortune, power and success,” says Torsten Muller-Otvos, chief executive at Rolls-Royce Motor Cars, the German-owned automaker which has launched a line of limited edition “Dragon” Phantoms.
The edition, available in two models, features hand-painted golden dragons on the side panels, hand-embroidered dragons on the leather headrests and illuminated door treadplates with the words “Year of the Dragon 2012″.
The car, which starts at 7.4 million yuan (US$1.2 million) in China, was sold out within eight weeks of its launch in August, and the firm says it is now looking at extending production.
China overtook the United States to become Rolls-Royce’s largest market in 2011, with the Chinese market accounting for about one-third of its record 3,538 cars sold worldwide.
“We will make 2012 the next record year for Rolls-Royce, the dragon will help us to make that happen,” Muller-Otvos told AFP on a recent trip to Hong Kong.
China is the world’s fastest-growing market for luxury products thanks to years of stellar economic growth which has created a new class of super-rich consumers that are changing the face of Asia.
Forbes magazine said China had a total of 146 billionaires last year — up 14 percent from 2010, and second only to the United States with 413.
