LONDON — Thailand might never be the new China, but it’s an emerging market that’s poised for a luxury boom, according to Ledbury Research.
In its latest Luxury Market Insights report, to be published later this week, Ledbury singled out Thailand as the number-one “hotspot,” or emerging market for luxury goods.
The country has a gross domestic product of nearly $346 billion — the largest in Southeast Asia after Indonesia — an unemployment rate of less than one percent, and a flourishing export and tourism industry.
It has another crucial factor in its favor: a large middle class.
“Southeast Asia overall is quite far behind China, the size of the population doesn’t compare and you won’t see the same explosion in luxury consumption. What Thailand has is domestic demand from a big middle class, and there is not a large income inequality in the country,” said Nicola Ko, luxury analyst at Ledbury who helped to research and write the report.
Many big brands are already in Bangkok: Louis Vuitton and Burberry each have four stores, while Gucci and Chanel each have three, and Bulgari has two. Cartier and Ferrari also have a retail presence in the Thai capital.
Over the past year, the number of luxury stores in the country grew 17.6 percent, compared with an average of 8 percent globally.
Thailand took first place in Ledbury’s hotspot ranking, which is based on GDP growth; the amount of business and first-class travel in and out of the country; the growth of luxury stores, and the increase in local stock market valuations over the past year.
The other countries in Ledbury’s top five were India, Peru, Saudi Arabia and the Philippines. Ledbury said that in India, the number of millionaires will surpass 400,000 by 2015. In 2010, there were 173,000.
Qatar, which is number 18 on the list, has the highest density of millionaires globally behind Singapore and Switzerland. The Ledbury report says that close to one in 10 Qatari households has investable assets of $1 million or more.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)