Success factors in the luxury and lifestyle sector include the brand and the digital experience. Brand credibility, positioning, and development remain the «conditio sine qua non» for sustainable business success, encompassing authenticity, design, production expertise, and durable innovation. Digitalization is a clear and present challenge, however also a secular opportunity.
Could you elaborate on digitization in winter sports?
Mobile is always the fast-growing center of gravity and is being used by consumers to search, compare, select, and purchase. International winter sports brands and retailers have taken various localized and customer-centric approaches to tap the very large and fast-growing consumer market in China.
The strategy international brands have taken in China has been either to partner with domestic retailers such as B.C. Sports with Head, Lowa, Lasse Kjus, and Anta with Descente and international retailers such as Amer Sports – Salomon, Atomic, Arc’terix – or to open up a direct presence, like Bogner and Moncler have done.
What’s your impression of Chongli?
From a geographical perspective, most resorts in China are located in three major areas including the Northeast (Songhua Resort), Beijing area (Nanshan Resort) and Chongli, which will be the country's biggest winter resort when complete.
Chongli (pictured below) is being built to serve as the key 2022 Winter Olympics site and will be a full-service winter and summer excursion and vacation destination. Public infrastructure includes a 250-kilometer high-speed train link from Beijing to Chongli that will connect the cities within 45 minutes, an additional express highway which takes roughly 2 hours, a hospital, and state-of-the-art communication network with a full 5G network within 2 years.
Private infrastructure includes a range of five, four and three-star hotels, restaurants and entertainment, retail space, residential property, and various sports training facilities. China certainly has the most potential to catch up in all areas of hospitality and winter sports-related services. Correspondingly there are attractive entry points for successful and experienced foreign operators from Europe, Japan, and North America.
While the 2022 Olympics will boost winter sports in China, will Europe and Switzerland benefit?
With the sheer size and future development of the ski market in China, it is only a matter of time until higher-end clients will spend their vacations in the prestigious ski resorts in Europe and Switzerland. The globally known resorts that combine smooth travel access and modern local infrastructure with unique, beautiful landscape and nature and superior ambiance and hospitality will stand to benefit from China’s steadily growing demand.
International ski resorts have taken various avenues to gain experience and exposure to the Chinese market. Active engagement was chosen by Swiss resort Laax, which is not only co-branding like quite a few others are doing, but which will open a «Freestyle Academy» in Chongli at Genting Resort in 2020.
Beat Wittmann is chairman and partner of Zurich-based financial advisory firm Porta Advisors. His more than 30-year career in Swiss banking includes stints at both UBS and Credit Suisse as well as Clariden Leu and Julius Baer.
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