Ritzy, not glitzy

By Xu Junqian (China Daily) Updated: 2012-11-23 16:42

Within the next five years, he says, Pomellato plans to open six or seven stores in China, and 16 points of sale in other outlets. This would match the company's current presence in the United States, its biggest overseas market.

According to the National Bureau of Statistics of China, in 2011 the jewelry business posted 183.7 billion yuan ($29.4 billion) in retail sales, up 42.1 percent from the year before. In comparison, total retail sales of all goods in the country rose 17.1 percent.

Morante said there are mixed fortunes to Pomellato's late arrival in China.

"To find the right locations here you have to come really early," he says, and getting the "absolute best location" has been the main challenge, with many other luxury brands already on the scene.

"But because our products need a bit of time for the market to appreciate, I think this is the perfect time for us, in terms of market acceptance of Pomellato."

Gold and diamonds are popular, especially with the strong gift-giving tradition in China, because they show recipients that money has been invested and instantly demonstrate worth.

"But that type of market is significantly different from what we represent," Morante says. "So we have to wait until perhaps Chinese women have travelled a bit, read more, and also become more style-conscious.

"With other products, if demand for them increases dramatically, you can organize and satisfy the additional demand. That is very difficult for us. We are by definition exclusive.

"But this market (China) is so significant and so important that we have to continue to invest."

Morante describes Pomellato jewelry as being designed for successful women - "not necessarily" the rich and famous, or beautiful. He defines the collection, sold between 1,500 euros and 7,000 euros a piece, as a "style" product, instead of a "status" product.

He names Charlotte Casiraghi, princess of Monaco, as a prime example of a customer.

"She has nothing to prove, nothing to explain about her status. She dresses Pomellato, without even consulting us, because she goes for style, and she feels comfortable with that."

The current "face" of Pomellato is Tilda Swinton, the British actress known for her roles in both arthouse and mainstream movies. She is the professional and independent modern woman that the company believes its clientele identify with.

Other "strategic moves" include a commitment to the environment, which Morante says has captured the interest of younger customers.

When the company introduced their DoDo brand, named after the extinct bird, 18 years ago, it decided that for every piece of jewelry sold, a percentage of the price would go to the World Wildlife Fund.

"We are doing this because we thought more attention should be paid to sustainability and to the balance of the Earth," Morante says.

Morante believes those sentiments will be increasingly shared by Chinese customers for jewelry and luxury goods over the next decade as they become more worldly and sophisticated.

xujunqian@chinadaily.com.cn