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Luxury Jewellery in the Chinese Digital Age

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Luxury Jewellery in the Chinese Digital Age Master’s Degree Programme in Languages, Economics and Institutions of Asia and North Africa Second Cycle (D.M. 270/2004) Final Thesis Luxury Jewellery in the Chinese Digital Age Online strategies for selling high-end jewellery in the Chinese Market Supervisor Ch. Prof. Daniela Rossi Assistant supervisor Ch. Prof. Franco Gatti Graduand Giulia Armano Matriculation number 856165 Academic Year 2019 / 2020 INDEX ................................................................................................................................... 3 INTRODUCTION .................................................................................................................. 6 CHAPTER 1. THE LUXURY INDUSTRY: BETWEEN TRADITION AND INNOVATION .................. 9 1.1 LUXURY AS CONCEPT ............................................................................................................ 9 1.2 LUXURY AS PRODUCT .......................................................................................................... 13 1.3 LUXURY AS BUSINESS .......................................................................................................... 13 1.4 LUXURY AS CULTURE ........................................................................................................... 17 1.5 LUXURY AS CUSTOMER ........................................................................................................ 19 1.6 LUXURY AS MARKET ........................................................................................................... 23 1.6.1 Global Context ........................................................................................................ 25 1.6.2 Local context: Luxury in China ................................................................................ 27 CHAPTER 2. CHINA’S GEM AND JEWELLERY MARKET ........................................................ 33 2.1 ANALYSIS OF THE RELATIONSHIP BETWEEN JEWELLERY AND LUXURY GOODS .................................. 33 2.2 THE EVOLUTION OF CHINA’S JEWELLERY MARKET ..................................................................... 37 2.2.1 Historical background ............................................................................................ 38 2.2.2 The birth of Modern Jewellery Industry ................................................................. 39 2.3 CHINA’S DOMESTIC GEM AND JEWELLERY MARKET SEGMENTATION .............................................. 44 2.3.1 Gold Jewellery ........................................................................................................ 45 2.3.2 Platinum Jewellery ................................................................................................. 47 2.3.4 Diamond Jewellery ................................................................................................. 48 2.3.3 Silver Jewellery ....................................................................................................... 50 2.3.5 Colored Gemstones Jewellery ................................................................................. 50 2.4 CHINA’S ROLE AS A GLOBAL HUB FOR JEWELLERY MANUFACTURING ............................................. 52 2.5 LEADING JEWELLERY BRANDS IN THE CHINESE MARKET: NATIONAL AND INTERNATIONAL PLAYERS ...... 54 2.6 CHINESE JEWELLERY CONSUMERS PROFILE AND RELATIVE PURCHASE BEHAVIORS ............................ 58 CHAPTER 3. CHINA’S ONLINE JEWELLERY SCENE AND DIGITAL STRATEGIES FOR GROWTH 61 3.1 THE RESHAPE OF LUXURY BY THE CHINESE DIGITAL ECOSYSTEM ................................................... 61 3.2 LUXURY JEWELLERY INDUSTRY EMBRACES THE CHINESE DIGITALISATION ....................................... 65 3.3 DIGITAL MARKETING IN CHINA: THE DAWN OF A NEW ERA IN JEWELLERY BUSINESS ......................... 67 3.3.1 Building the brand-owned Chinese website ........................................................... 71 3.2.2 Search Engine Optimisation and Search Engine Marketing ................................... 73 3.3.3 The importance of digital storytelling .................................................................... 74 3.3.4 Online advertising .................................................................................................. 78 3.3.5 Influencer marketing .............................................................................................. 80 3.3.6 The current state of luxury jewellery e-commerce in China ................................... 84 1 3.3.6.1 Local generalist platforms: Tmall () and JD.com () .......................... 87 3.3.6.2 Local luxury verticals: Secoo () and 5lux.com () ........... 91 3.3.6.3 Cross-border platforms: Kaola () ..................................................... 95 3.3.7 Social media marketing: Wechat (), Weibo () and Little Red Book ( ) ................................................................................................................................... 96 CHAPTER 4. CASE STUDIES ON CHINESE FESTIVAL-RELATED DIGITAL CAMPAIGNS .......... 102 4.1 DIGITAL MARKETING PRACTISES FOR THE CHINESE NEW YEAR .................................................. 103 4.1.1 The case of Tiffany & Co. ..................................................................................... 105 4.1.1.1 Tiffany & Co.’s Chinese New Year campaign on WeChat .............................. 106 4.1.1.2 Tiffany & Co.’s Chinese New Year campaign on Weibo ................................ 108 4.1.2 The case of Chopard: The Artisan of emotions ................................................... 109 4.1.2.1 Chopard’s Chinese New Year campaign on WeChat ..................................... 109 4.1.2.2 Chopard’s Chinese New Year campaign on Weibo ....................................... 111 4.2 DIGITAL MARKETING PRACTISES FOR CHINESE VALENTINE’S DAY ............................................... 112 4.2.1 The case of Cartier: “How Far would you go for love?” ..................................... 114 4.2.1.1 Cartier’s Chinese Valentine campaign on WeChat ........................................ 115 4.2.1.2 Cartier’s Chinese Valentine campaign on Weibo .......................................... 117 4.2.1.3 Cartier’s Chinese Valentine campaign on Tmall Luxury Pavilion ................... 119 4.2.3 The case of Piaget: “Turn for the Extraordinary Love” ...................................... 120 4.2.3.1 Piaget’s Chinese Valentine campaign on WeChat ......................................... 122 4.2.3.2 Piaget’s Chinese Valentine campaign on Weibo ........................................... 123 4.2.3.3 Piaget’s Chinese Valentine campaign on Tmall Luxury Pavilion .................... 125 CONCLUSIONS ................................................................................................................ 128 BIBLIOGRAPHY ............................................................................................................... 134 ONLINE REFERENCES ...................................................................................................... 137 REFERENCES IN CHINESE ................................................................................................ 155 ACKNOWLEDGEMENTS .................................................................................................. 157 LIST OF TABLES Table 1. Active international jewellery brands in China ......................................................... 55 Table 2. Active Hong Kong jewellery brands in China ............................................................. 55 Table 3. Active local jewellery brands in China. ...................................................................... 56 Table 4. International jewellery brands’ participation on the main Chinese digital platforms .............................................................................................................................................. 101 2 29 929 %) 9 782 92 % 、 % 92 9” (29 9 2929 9 2 RQ12; RQ22; RQ32; 99 92 21111 29 2 。29 117111 892 2 2 2 9299 9 3 129 92 999 SEO SEM 97Tmall81 7JD.com817Kaola89 Luxury Pavilion1 7Secoo8 75lux.com89 7WeChat817Weibo87Little Red Book89 129 2 9 7Tiffany & Co817Chopard817Cartier87Piaget829 2 9 29 29 929 9 9 912 9020 9“2 9991 29 92 POSSESSION 2 97Tiffany6Co.8 7Chopard829 7Cartier87Piaget8 29 Luxury Pavilion 2 92 4 9 299 99 992 9799 8798 29 2 9 7Valenza827Vicenza87Arezzo8 2992 92 9992 92 5 INTRODUCTION The purpose of this thesis is to provide an in-depth analysis of the current state of luxury jewellery industry in China and the impact that the recent digital revolution inevitably had on this sector. A particular attention is devoted to the exploration of the possible digital marketing strategies that international well-renowned jewellery brands can apply when they seek to expand in the vast and culturally diversified market of China. Therefore, the main research questions guiding this study are: RQ1. What are the ways luxury jewellery brands can fully capture the digital opportunity in China? RQ2. How can they stay relevant for the so-called Chinese future consumers? RQ3. How e-commerce is affecting the luxury jewellery industry? The present study, divided into four main chapters, attempts to address all these questions and offers useful insights to industry insiders on the Chinese luxury online ecosystem, combining theory with practice. The study was conducted based on literature review and available market secondary data, ensuring its credibility by evaluating various sources regarding the information required, in order to answer the
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