The little story of Fred & Farid Shanghai
With a population of 1.3 billion, including a booming middle class that encompasses an estimated 400 million people, China is the most attractive market for international brands. Especially for French luxury goods brands, as one out of every two buyers of luxury goods is under age 35. Shanghai continues to climb in the rankings of the world's fashion capitals, and the Chinese city is currently hot on the heels of Rome.
Such energy is attracting expatriates from around the world, turning China into a sort of USA of the 21st century, with Shan- ghai serving as the new New York. With its 23 million residents, Shanghai is currently China's most populous city and the country's financial hub.
As China's leading platform for global trade, Shanghai appears as an international capital that spurs Chinese trends, primarily online.
The country's dynamism is also evident in terms of online readership, as China is home to 513 million websurfers. It has the world's largest online audience, and social networks draw in 61% of the population across a digital landscape that compares well with our own. Respectively the Chinese cou- sins of Twitter, Facebook and Pinterest are: Weibo, Weixin and Huaban, and they perform better from a technical pers- pective, offer their users even more tools than are provided by their western counterparts, and have become key digital points of contact. The digital playing field also encompasses mobile phones, and the number of Chinese mobile users has just exceeded one billion subscribers.
Based in two buildings in Paris, FRED & FARID GROUP has six offices and 250 employees, and in 2012 it is expected to post an estimated turnover of 45 million Euros. This foray into China marks a logical continuation in terms of the group's development.
Five years after its formation, Fred & Farid have begun to ex- pand their communication group internationally. Having obtained its Chinese business licence and opened bank accounts for its WFOE (Wholly Foreign Owned Enterprise) in Shanghai, just this past week the Fred & Farid Group has announced its official launch in China.
‘Our entire career has been built abroad, first in London and then in the United States. Nowadays, nearly 50% of the group's revenues come from international brands, for interna- tional campaigns managed from Paris. So it was rather natural for us to give thought to expanding the group physically outside France. Our creative director, Feng Huang, has been working with us for the past ten years. We've been working with him to prepare this Chinese project over the past five years.’
This new office, which has been set up in a 1000 m2 wa- rehouse in Shanghai, is a 100% digital agency (mobile and social media).
This office has already started working for ten groups within China: L'Oréal, LVMH, Pernod Ricard, Oxylane, Yves Rocher, Interparfums, Vicomte A, the Chinese digital group Sohu and another, European group that, for strategic reasons, wishes to keep its expansion in China strictly confidential for now.