77: How to introduce a premium brand to China with Mike Hofmann

China Paradigms

Mike Hofmann, Managing Director at Melchers (Beijing) Ltd., speaks with Matthieu David-Experton about supporting the exportation and operations of companies in China. Highlights of this episode include: 1:02 About Melchers 3:48 Net sales 5:27 Melchers’ case studies that are most illustrative of China 8:09 Competing with other companies 10:06 Elements and circumstances to why companies would use Melchers’ services 12:41 Navigating risks 14:26 Costs of service and business model 16:15 Introducing a premium brand in China 20:31 Training and time investment for selling a luxury product 22:37 Organization and company set up 25:50 Locations 30:35 Standard way of working with malls 31:56 Most successful format for market entry 34:17 Cost of companies having their own shop in premium locations by space 35:09 Budget allocations to opening the first shop 37:40 Managing online presence of luxury brands 40:40 Working with a TP (T-Mall partner) 43:45 Concerns about the TP 44:50 Books that inspired Mike’s China journey 46:05 Staying up to date with China 46:55 Something Mike would do in China if he had extra time 48:34 One unexpected success in China 50:28 One unexpected failure in China More about Melchers (Beijing) Ltd.: https://melchers-china.com/ ====================================================== China Paradigms is the China Business Podcast for entrepreneurs and China watchers. Learn from business professionals in China on our China Paradigms website: http://chinaparadigm.com/ Daxue Consulting is a market research and management consulting firm focusing on the Chinese market. We are leveraging a multiple-methodology approach in order to support clients’ needs, auctioning traditional methodologies as well as technology-driven tools. More about Daxue Consulting: https://daxueconsulting.com/ Facebook: https://www.facebook.com/daxueconsulting/ Linkedin: https://www.linkedin.com/company/daxue-consulting/?viewAsMember=true Twitter: https://twitter.com/DaxueConsultingv