Luxury / news
Chinese premium brands fall short of luxury status but look to Hong Kong, YCP executive says
Chinese premium brands are challenging Western names in their home market but may not yet qualify as luxury, with some turning to Hong Kong to strengthen their international positioning. YCP managing partner and Greater China regional CEO Charles Wang said price is the first test of luxury.
Price is the first test of luxury, and the hero products of Chinese premium brands still cost a fraction of what Western peers charge, Wang said at the Retail Asia Summit 2026 in Hong Kong.
Asked whether these brands are truly luxury yet, Wang answered: “Probably not.” He is managing partner at YCP and regional CEO for Greater China.
Wang cited NIO’s flagship ES9, priced at about $75,000, which he described as a “good value option” for wealthy buyers comparing it with Porsche. He also pointed to monthly sales of more than 10,000 units for the NIO ES9.
He showed a photograph he took last year of about 50 Moutai bottles used as tributes in a Shenzhen restaurant, illustrating the cultural prominence of Chinese premium names.
Some Chinese premium brands are looking to Hong Kong as a base for going global. Wang said sharing a frame with global names is the only way to lift perception.