The new Luxury Retail Committee is launched, the sector dedicated to the world of luxury and retail. The Italian Chamber of Commerce in Singapore (ICCS – Italian Chamber of Commerce in Singapore) presents the new Committee that will join the 7 existing groups focused on different strategic business sectors for business opportunities in South East Asia.
According to recent Altagamma estimates, in just over 20 years personal luxury goods have tripled their value. Therefore, the Committee represents for the sector one of the main gateways to Southeast Asia, given that revenues in the luxury goods market amount to 1.4 billion dollars. With a growth of about 6% on an annual basis.
Among the partner companies, in addition to the participation of the Embassy of Italy in Singapore, Tod’s, Acqua di Parma, Damiani, and Luxottica. In addition, the Committee joins the Legal, Financial, Pharmaceutical, Design, Shipping, Defense focus groups for a total of seven Committees proposed by ICCS to the Singapore business community.
The Committee will also focus its attention on identifying the factors that could make Singapore an elective half of ultra-high-net-worth tourism, confirming its positioning as the new Asian shopping capital. Currently, there are over twenty Italian luxury brands and brands present in the City-State, with a strong component of leather goods, slow-fashion, and jewelry companies.
The working group led by Estelle Hu Pirot, Country Manager of Tods Singapore will initially consist of 10 Italian and non-Italian companies and companies that will meet periodically through the organization of focus groups dedicated to marketing techniques, the fight against counterfeiting, the rise of digital in the retail market, the new needs and values of post-COVID-19 consumers and the new fashion and luxury trends in South East Asia.
In addition, in 2020, the ICCS in collaboration with the main e-commerce platforms in Singapore launched the Italian Gallery SG, an online platform designed to allow Italian companies to be present on the main marketplaces in the country.
“Through the Committee we give space to two sectors, such as luxury and retail, which are central to the Italian and Singapore economies – said Giacomo Marabiso, Managing Director of ICCS -. The companies that will become part of it will be able to share best practices, experiences and opinions on a rapidly expanding market that must meet the needs and decisions of increasingly demanding consumers and according to the new paradigm imposed by the pandemic “.