Harrods is opening an exclusive member's club in Shanghai that costs from $21,000 yearly. Harrods announced Tuesday that it will open a new private member's club in Shanghai at the end of 2023 in a bid to appeal to the country's ultra-rich consumers. The company's managing director Michael Ward told Bloomberg that these shoppers made up 16% of Harrods' sales in 2022. "We always knew that shopping would go back to China," Ward told Bloomberg. According to estimates from Business of Fashion, Chinese luxury spending is expected to reach $107 billion by 2025.

---

Persons: Gordan Ramsay's, Gordon Ramsay's, Michael Ward, Ward Organizations: Harrods, Service, Harrods Tea, Scottish, Edrington Group, Bloomberg, Business of Fashion Locations: Shanghai, British, Harrods, Wall, Silicon, China, Cha