Hello Kitty's Milan-based, High-end Fashion Brand, Pynkiss, Heads Home to Asia to Capture a Slice of the $4 billion Chinese Licensed Goods Market
LONDON, August 13, 2012 /PRNewswire/ --
Hello Kitty's first and only high-end fashion brand is heading towards its roots in Asia, with the opening of 15 stores across the continent. Pynkiss boutiques have already opened for business in the Philippines marking the beginning of their Asian growth plan. Pynkiss directors are in talks with several high-profile businesses and stockists across the entire region including several in mainland China. They are preparing for the further expansion of the brand throughout the remainder of 2012 and well into 2013, bringing its premium apparel and accessories to the already devoted Asian Hello Kitty customer.
China is now the world's fastest growing market for licensed goods, which has grown over 250% from US$1.1 billion in 2005 to US$ 4 billion in 2011. i.e. an average annual growth rate of 29%, almost tripling the country's GDP growth rate. Despite a very short history of development, the huge size of the economy has made China the second largest licensing market in Asia, following Japan.
Pynkiss, always a brand with its eye closely fixed on cutting-edge fashion, is designed in the fashion capital of the world, Milan, but features the Japanese and international icon, Hello Kitty (part of the Sanrio staple), which has grown into a US$6 billion a year brand.
The global expansion of the brand follows the recent release of the Pynkiss Lookbook app for iPhone and Android as a precursor to the launch of its global online retail platform coming early 2013. Expansion into Asia comes hot on the heels of Pynkiss boutiques opening for business in the Middle East region. All of the ME region stores have reported extremely positive sales figures.
Global CEO Mr. Chady Jreige; "Pynkiss sees the growth opportunities in the Asian licensing market as prosperous. According to research, cross-sectional analyses show that for every 1% rise in per capita income, the per capita spending on licensed goods will rise about 1.4%. As reported by the Asian Development Bank, the Chinese Middle Class (more than USD 4 income person/day) alone is expected to rise between 2010 and 2020 from ca. 500 to ca. 750 million people. By 2030, it is estimated to compass one billion people. Naturally, this implies huge opportunities for the licensing industry as well."
He continues; "for a brand linked so closely to a figure that is instantly recognisable by anyone across the entire planet, Pynkiss' future expansion plans have been accelerated. We had had a huge response from the Asian markets, but also big name stockists from the US and Canada to Australia are now in talks with us to open individual, and chains, of Pynkiss boutiques.
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Notes to Editors
- Pynkiss collections are available in standalone stores, concessions and independent retailers in a number of countries across the world. Please check the website for details.
- The Pynkiss online store will be opening in early 2013
- The Pynkiss Lookbook App is available from iTunes and Googleplay