FT: Malaysia’s rich help drive luxury brand growth in SEA: KUALA LUMPUR, Oct 2 — The nouveau riche in Malaysia and other southeast Asian countries are driving up spending for high fashion in the region, with luxury brands now starting to pay serious attention to their consumers in the East, according to the Financial Times. Quoting data from asset management firm Bain Capital, the British newspaper said the newly wealthy spenders from Malaysia and neighbours Thailand, Indonesia and Singapore were responsible for the expansion of the luxury goods market in the region by over 20 per cent over the past year. The luxury goods trend is reflective of the findings of a recent report by private wealth consulting firm Wealth-X and Swiss-based bank UBS, which revealed a burgeoning ultra-rich class in the four countries, along with fellow neighbours the Philippines and Vietnam. The report, released earlier last month, added 60 more individuals among the ranks of Malaysia’s richest people for a final tally of 840 multi-millionaires worth a total of US$100 billion (RM323 billion). Malaysia also boasts the region’s two richest men - Tan Sri Robert Kuok, 89, with a net worth of US$15.8 billion was born in Johor Baru while telecommunications tycoon T. Ananda Krishnan, 75, worth US$8.5 billion was born in Brickfields, Kuala Lumpur. The Wealth-X and UBS report meanwhile lists 1,355 people with a combined wealth of US$160 billion in Singapore, followed by Indonesia whose 865 elite rich are worth a total of US$130 billion. Thailand have less individuals among the super-rich, with 720 people worth US$95 billion in total, but the country also saw the highest growth of ultra-high net worth individuals at 15.2 per cent. The FT, meanwhile, reported that the growth in luxury goods sales in southeast Asia is moving in line with a “significant shift in global spending patterns” over the last 10 years. The rapid growth in the eastern hemisphere is led by China, currently ranks as the world’s third-largest luxury goods consumer. Global investment banking and securities firm Goldman Sachs expects the Asian Tiger to become the top-global consumer by 2015. The trend has prompted luxury brand owners to increasingly look at executives with experience in Asia to take over the reins, such as Victor Luis, who will assume the post of Coach’s chief executive after serving as the company’s Asia president, and Sebastien Suhi, who was made Givenchy’s chief executive after heading Prada’s Asia operations, said the Financial Times. dlvr.it/441v2F
Posted on: Wed, 02 Oct 2013 02:29:22 +0000
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