Fashion retail trends in Hong Kong 205
Before the Chief Secretary has announced to strategically position Hong Kong as a fashion design centre, Hong Kong was already recognised as a shopping haven for overseas tourists. In the past decades, the fashion industry has been developing at a fast pace. Except the import of renowned international fashion brands, many local manufacturers have established their own brands successful in this market and most of them have already internationalised their business overseas and to Chinese mainland. The growth in this retail business is due to the constant demand of fashion merchandise from Hong Kong shoppers. Many international fashion brands also set up their stores in Hong Kong not only to satisfy these fashion-conscious shoppers but also to use this as a window for China market. However, with the over-development of fashion retailers, the fashion retailing business is more than saturated and the competition is becoming very fierce. It is observed that any fashion retailers without strong brand identity and good product mix find it difficult to survive in this market where the consumers are very price and fashion-conscious.