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| Global brands gain exposure in Asia's luxury capital ( 01/02/2006 ) | |||||||||
LMC founder and chairman Gregory J. Furman has teamed with prominent Hong Kong entrepreneur Cyril Fung to form Luxury Marketing Hong Kong (LMHK), targeting luxury products and service related companies. Mr Furman, former senior vice-president for marketing and sales promotion of Bergdorf Goodman, set up the invitation-only organisation in New York in 1994 after noticing that while the luxury market had never been stronger, total brand arrogance was prevalent especially in the 80s. "There was a feeling that if we have the brand therefore they shall overcome, but many of the companies had no database marketing and very little strategy," he said. "I had this incredible idea of assembling the leaders in luxury marketing together with the decision makers of the luxury services and retail companies, and help them figure out ways to do more business with the people with the most money. I wanted a results-oriented membership network which would act as a greenhouse to grow collaborations and nurture partnerships among members, explore critical issues and trends and share best practices." Prestigious membership
Hong Kong, said Mr Furman, was always on the radar. He said the city is the fastest luxury capital in Asia and one of the most cosmopolitan cities in the world, described by the International Herald Tribune as "the 5th Avenue of the Far East." It was only when he met his "kindred spirit", Mr Fung, last year that LMHK was conceived. "Many overseas companies are increasingly using the city to develop and cultivate brand recognition for the whole region. It has a high level of sophistication, it's a centre of finance and I've always wanted to open a chapter of the Luxury Marketing Council in Hong Kong. The city is not only a dynamic market on its own but a springboard to the Chinese mainland and the rest of Asia-Pacific," added Mr Furman. Mr Fung, as chairman of LMHK, described it as a proactive organisation and a "think tank dedicated to a cross fertilisation of ideas, ways to increase revenues, greater profits and increasing brand awareness". "We encourage thinking out of the box," he added. He is confident of attracting "at least 200 brands" to the Hong Kong chapter. "The timing is right as Hong Kong companies are into developing their brands internationally. What better way to promote Asian brands across the globe and attract overseas brands to this part of the world. LMHK is ready to assist its members in all worthwhile endeavours by tapping into LMC's soon-to-be extensive world-wide network," Mr Fung said. Related link | |||||||||
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