Private Chanel stores offer HNWIs tailored experiences
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Signal
May 31, 2022
Private Chanel stores offer HNWIs tailored experiences

Chanel has announced the launch of boutique stores dedicated to serving its VIP customers. While the e-commerce and resale markets are helping to democratise luxury, these brick-and-mortar spaces aim to attract HNWIs with the promise of exclusivity and personalised support.

Set to initially roll out in Asia in 2023, Chanel’s private boutiques are intended for the brand’s top spenders. While the exact details have yet to be released, the separation of casual browsers from top spenders fortifies the brand’s exclusive credentials, creating a space for personalised attention. The private boutiques are in line with Chanel’s moves to increase prices on handbags and introduce a purchasing limit of one item per popular line, emphasising the brand’s elite cultural cachet. "Our biggest preoccupation is to protect our customers and in particular our pre-existing customers," says CFO Philippe Blondiaux. "We’re going to invest in very protected boutiques to service clients in a very exclusive way."

With just 21.7% of people globally feeling their favourite brand interacts with them in a personalised way, Chanel’s private boutique seems well-positioned to cater to the exacting needs of wealthy clients. The popularisation of daigou in China – where surrogate shoppers purchase for UHNWIs – speaks to the need for a more defined space where top-end consumers can engage directly with brands in a way that makes use of their time but avoids crowds. To this end, Harrods’ Shanghai- and Beijing-based The Residence is an invitation-only private shopping space, offering exclusive products as well as social events. It highlights how brick-and-mortar spaces can be optimised to focus on exclusivity and personalised luxury experiences.