每日英语：Luxury-Goods Companies Go to Great Lengths for China's VIP Shoppers

What do rich Chinese want now? Luxury-goods companies are trying everything from auctions to practical advice on fashion to draw big spenders who have had their fill of glitzy shops in sparkling malls.

auction：拍卖，竞卖　　　　glitzy：炫目的，闪光的，耀眼的　　　　sparkling：闪闪发光的，闪烁的

The need to find an answer has become more urgent as competition heats up and sales take a breather in China.

That explains why China-focused Chow Tai Fook Jewellery Group Ltd. 1929.HK -0.93% is going to great lengths to engage its best customers. The jeweler has more than 1,800 sales outlets, mostly in mainland China and Hong Kong.

Last weekend, the jeweler invited 200 top customers to Hong Kong's Ritz Carlton for a gathering that featured a jewelry auction and dinner. More than 100 Chow Tai Fook staff flew in to look after the VIPs, most of whom came from mainland China. 

These weren't just any top customers. Each of them has purchased a piece of jewelry valued at one million yuan ($163,000) or more. They were treated to a wine tasting, an investment talk and a personal cosmetics session. The goal was to sell 15 pieces of jewelry that had already gone on a six-city road show to drum up interest.

cosmetic：化妆品，美容的　　　　drum up：招徕，纠集，鼓动

At a dinner that lasted until almost midnight, the auctioneer from Beijing Poly International Auction coaxed higher bids from the crowd as models walked from table to table to offer a close-up look. Chow Tai Fook took in $4 million for its efforts, almost a quarter higher than it did in 2012, partly because there are more pieces this year.

coax：哄骗，劝诱　　　　

'VIPs love auctions,' said Adrian Cheng, executive director at Chow Tai Fook. 'Before, customers liked to go to parties around the world. Now they want exclusive preview dinners. Before, they wanted museum tours. Now they'd like to meet an artist. The experience they want is evolving.'

The challenge for luxury-goods companies is to meet the changing demands of Chinese consumers. Tastes are getting more sophisticated, judging from the way people dressed at the event. (There are exceptions: One man who bought a few multimillion-yuan pieces wore a plain T-shirt to the event.)

That challenge is particularly acute for Chow Tai Fook. The company's shares have lost a third of their value since its December 2011 initial public offering amid a decline in same-store sales″due in part to the government crackdown on official gift-giving.

Part of the problem is that fancy brands are everywhere in China. Gucci, a unit of PPR SA, PP.FR -2.19% has eight stores in Shanghai alone. That's a contrast to several years ago when luxury retailers were struggling to find good locations.

'We were begging to get the space.' said Francis Gouten of Gouten Consulting, former CEO of Richemont Asia. The tables have turned, and real-estate firms are pushing retailers to add more stores as the market becomes saturated. 'Now developers are begging the brands to be there.'

saturated：饱和的，渗透的　　　　

As malls become more mature, they have to bring new ideas, such as food, social media, and a customer relationship management system to keep customers engaged.

La Maison du Chocolat said sales are growing strongly in Hong Kong. Chinese tourists are attracted by the texture of its French hand-made chocolate and luxury boxes, said Florent Billioud, director of operations for Greater China and Southeast Asia.

'You want to create a differentiated environment, a space that changes all the time,' said Andrew Keith, president of Lane Crawford, the Hong Kong luxury department store. 'I don't think you can just open a store and hope people will walk in.'

For Hong Kong's Harbour City mall, that means bringing in the now-famous 54-foot inflated rubber duck, which was a sensation with Chinese tourists.

sensation：感觉，轰动

There are still markets, such as Western Chinese cities, where people go to the store. But in Beijing, which accounts for a quarter of the number of VIPs and more than a quarter of the VIP sales at Chow Tai Fook, top customers want exclusivity, including jewelry shows at their homes, Mr. Cheng said.

exclusivity：排外性，独占性

Pricing and practicality are important. Even billionaires who can afford everything sometimes ask: 'Can I wear this to work and then to a cocktail party?' Mr. Cheng said. Chinese are quite practical people, and they want to justify their purchases.

cocktail：鸡尾酒　　　　

Exclusivity within brands is another option. Givenchy offers some exclusive products and selected discounts to its best customers, said Sebastian Suhl, its CEO.

Creating a unique experience is important for Chinese customers, but most importantly it is still about the products. 'It is back to basics, knowing what they really want and deliver it to them,' Mr. Cheng said. 'It is easier said than done.'