Maison Martin Margiela: Singapore Expansion Plan
Maison Martin Margiela – Singapore Expansion Plan
Adelina Etcu, Cibowa Kalala, Cindy Yoel Tanesia, Nita Tjandra
Introduction
Luxury brands are being used by the Asians to define their identity and social position in the society.1 The global luxury goods market is forecast to expand by 65% from 2010 to 2015, with most of this growth countries in Asia Pacific and will remain the fastest growing market and the key regions for expanstion for luxury goods retailers excluding Japan.2 Singapore is one of the countries in the Asia that has an increase the retail spending in the luxury segment due to the strong currency, economic growth, and the consumers that have high brand awareness and willingness to possess branded goods.3 It will be a good decision for a brand that wants to expand into Asia Pacific market to start opening a store in Singapore due to the geographic location that connects two continents, Asia and Australia, for a future further expansion.
There are lots of luxury brands that have not opened their store in Singapore and one of the brands is Maison Martin Margiela. Maison Martin Margiela has stores in China, Japan and South Korea but did not touch the Southeast Asian and Australia yet.4 An expansion in Singapore will be a good start point for the opportunity of future world expansion.
Company Profile
Maison Martin Margiela is a luxury fashion house founded in 1988 by Martin Margiela, a Belgium fashion designer. It opened the first store in Paris, France and now already has stores in United Kingdom, Belgium, Austria, Italia, USA, China, Japan, South Korea, and Taiwan.5 It’s quite fascinating and confusing why they didn 't expand throughout the Europe because it will make their name more popular and increase their brand value before go to other countries outside of Europe.
Maison Martin Margiela literally means “the house of Martin Margiela”. Martin Margiela is a fashion designer that graduated from Royal Academy of Fine Arts, fashion department
Adelina Etcu, Cibowa Kalala, Cindy Yoel Tanesia, Nita Tjandra
Introduction
Luxury brands are being used by the Asians to define their identity and social position in the society.1 The global luxury goods market is forecast to expand by 65% from 2010 to 2015, with most of this growth countries in Asia Pacific and will remain the fastest growing market and the key regions for expanstion for luxury goods retailers excluding Japan.2 Singapore is one of the countries in the Asia that has an increase the retail spending in the luxury segment due to the strong currency, economic growth, and the consumers that have high brand awareness and willingness to possess branded goods.3 It will be a good decision for a brand that wants to expand into Asia Pacific market to start opening a store in Singapore due to the geographic location that connects two continents, Asia and Australia, for a future further expansion.
There are lots of luxury brands that have not opened their store in Singapore and one of the brands is Maison Martin Margiela. Maison Martin Margiela has stores in China, Japan and South Korea but did not touch the Southeast Asian and Australia yet.4 An expansion in Singapore will be a good start point for the opportunity of future world expansion.
Company Profile
Maison Martin Margiela is a luxury fashion house founded in 1988 by Martin Margiela, a Belgium fashion designer. It opened the first store in Paris, France and now already has stores in United Kingdom, Belgium, Austria, Italia, USA, China, Japan, South Korea, and Taiwan.5 It’s quite fascinating and confusing why they didn 't expand throughout the Europe because it will make their name more popular and increase their brand value before go to other countries outside of Europe.
Maison Martin Margiela literally means “the house of Martin Margiela”. Martin Margiela is a fashion designer that graduated from Royal Academy of Fine Arts, fashion department
References: 1. Chadha, R. and Husband, P (2006). The Cult of the Luxury Brand: Inside Asia’s Love Affair with Luxury. London: Nicholas Brealey.