National producers eye luxury market

ZGM DAILY

2018-05-17 10:31 GMT+8

According to a study conducted early this year, about 100 companies were producing clothes, items and souvenirs with a mixture designs of traditional and modern styles in Mongolia, and about 10 percent of them were manufacturing luxury products.

Domestic high class brands designed for the target market have been expanding their operations and increasing their sales, the sectoral staffs highlighted. For example, sales of Goolen, a clothing brand which includes national style elements, increased by 8-9 percent in 2017 compared to the same period of the previous year. In recent years, sales of the brand saw a stable growth, the company noted. Furthermore, the producers of luxury clothing and items aim to expand their market in general. The company highlighted that sales of luxury products usually increase in February and July.

The Zoson brand, which produces its every product by craft production, has entered the market two years ago and is now manufacturing household products, souvenirs and clothings. Its household products are sold between MNT 500 thousand and MNT 4 million, while the other items range from MNT 280 thousand to MNT 1.8 million. The company noted that souvenirs of Zoson brand are exported to Australia, Japan and Inner Mongolia, and 60-70 percent of domestic sales were formed by foreigners.

Baba brand, which manufactures unique designs of felt boots, promotes its products to upper middle class. A pair of boots of this brand is sold between MNT 111 thousand and MNT 289 thousand. In addition to its domestic operations, the company also conducting a market research in order to penetrate foreign markets. According to a company representative, the company is currently seeking to enter Asian markets, specifically to Hong Kong and Japan.

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