Doing business in China
Since the beginning, our client has been committed to meeting the highest standards in terms of skills and style. A desire to excel through innovation and a sense of tradition illustrated in its entire range of luxury products: travel goods, handbags… with a diverse range of matching accessories.
“Mazars has proven its track record by helping international companies do business in China. Our local team is well established and has developed close connections with all Mazars’ offices worldwide through Chinese desks.”
Our client wanted to expand into Asia and planned to open a flagship store in China. They engaged Mazars because they wanted a premium adviser with a deep understanding of the luxury goods market and a well-established presence in Asia. We were also selected for our in-depth knowledge of the Chinese tax and accounting environment.
We quickly understood that our client was looking to open their first boutique in Shanghai in a short amount of time. We explained the necessary steps that needed to be taken as well as some of the issues that they would have to deal with (TPE machines for credit card transactions, inventory monitoring, etc…). We helped our client by preparing them for all of the challenges that they might face as a newly-established retail outlet in China. We also provided bookkeeping, payroll and tax compliance services.
Our client now considers Mazars as its premium adviser and will continue working with Mazars as they open new stores.
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China: successes and pitfalls
It is undeniable that the People's Republic of China is now a major economic player in the world. As the world's second most important economic power, with a GDP of 8,765 billion and an average annual growth rate of 8%, China is becoming an essential trade partner for the West.
Reorganisation of a luxury group management team
Well established in mature European and North American markets, luxury companies are leaning more and more towards emerging countries (Asia, Middle East, Brazil). The conquest of these new markets is pushing industry players to rethink their organisational structure, adapting their processes and resources to their development strategy.
Designing new standards
Our client has 63 stores located in 5 countries, including France, the United Arab Emirates and China. Mazars was asked to design new internal control standards for the entire logistics process and optimise supply chain management for better performance control of physical flows and financial information.