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