Hainan Island Attracts More Luxury Brand Expansion Plans - SolidRumor.com

Hainan Island Attracts More Luxury Brand Expansion Plans

 Hainan Island Attracts More Luxury Brand Expansion Plans

Ralph Lauren and Coach are among the brands that are doubling down on the luxury shopping destination of Hainan, China. The tropical island is expected to benefit from domestic travel at a time when most Chinese consumers are unable to shop abroad due to the pandemic.

Ralph Lauren Chief Executive Patrice Louvet described Hainan Island as a “strategic priority” and said the brand is planning to open a store in 2021 alongside the three stores it already operates, according to South China Morning Post. Coach, which currently has two stores in Hainan, is also planning to expand its presence with two more duty-free shops.

European players also continue to invest in the island. Swiss duty-free giant Dufry inked a strategic partnership with state-owned Hainan Development Holdings, for a store in the Hainanese capital Haikou’s Mova Mall. LVMH-owned DFS Group and partner Shenzhen Duty Free Group recently unveiled the first phase of their new downtown duty free shopping complex in Haikou Mission Hills, one of the island’s many resorts.

Luxury’s increased interest in Hainan comes as Chinese authorities boosted the region’s duty-free profile and increased the daily allowance of tax-free purchases to $15,500 per person last July.

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