The economy of luxury
The Emporium is getting ready to celebrate their 10th anniversary. The Emporium is a large department store which carries all of the latest designers and fashions.
The senior managing director in charge of the Emporium explains how nothing comes easy but by pushing your idea and finding a level playing field with your shareholders you can be very successful. He managed to get a store placed in Thailand which he said was very hard work considering that his partners didn't think that it would do good. But because he researched his plan he found that the area would be a success, and now that 10 years have gone by he was right.
Another move that he made was by personally going to the clients he wanted on board with him. while Louis Vuitton and other clients turned him down, Chanel got on board with him. That was all it took because right after they took it one, the others followed.
He explains that you must start in moderation and then grow. But to be efficient in any economy you cannot grow too rapidly or you will lose your footing and your idea will collapse.
1 comment:
It is very interesting to me that how Kriengsak started his business. He pointed out four major factors that contribute to his success: location, taste, transportation and prospective customers. He chose a prime location, where high-income dwellers and expats with good taste live. In addition, there are no big shopping malls nearby and the mix of products and tenants in the complex is a perfect recipe for success. Kriengsak also mention that how he started international trades. He imported Chanel to Thailand. I think he had a great sense of business and he smelled the opportunities of the market in Thailand and made the move. Emporium’s success is a great lesson for other business people.
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