Labbrand Group’s CEO was Interviewed by CGTN to Share Insights on International Cooperation and the Chinese Market

Labbrand Group’s CEO was Interviewed by CGTN to Share Insights on International Cooperation and the Chinese Market Overview

The China International Import Expo 2023 has now come to a successful end. During the fair, Labbrand’s Founder and CEO, Vladimir Djurovic, was interviewed by CGTN to share his insights on international cooperation and the Chinese market. During the interview, Vladimir and the CGTN journalist explored the Expo, engaging in communication with international brands. Scroll down to find excerpts from the interview.

Lan Shu (CGTN, journalist):

Mr. Djurovic, over the past 20 years, what changes have taken place in the Chinese market according to your observation? 

Vladimir Djurovic(Labbrand Group, CEO):

Luxury brands are increasingly focusing on the desires of Chinese consumers, as the Chinese market continues to gain importance. This shift is something I’ve noticed, and I think Chinese domestic brands can draw inspiration from this. China has garnered global recognition for its notable advancements in the digital realm, with a wide array of digital platforms facilitating e-commerce activities. And China has a knack for integrating all these advantages to promote the market. Currently, China is taking the lead in branding, and certain industry leaders are now exploring innovative branding approaches. NIO, for instance, has dedicated considerable time and effort towards establishing a strong connection with customers, which is a practice of a leading branding idea. I think foreign brands can indeed find inspiration in the branding efforts put forth by Chinese brands. 

Lan Shu (CGTN, journalist):

What are your thoughts on the current Chinese market? 

Vladimir Djurovic(Labbrand Group, CEO):

I think the Chinese market is a realm of limitless possibilities. The Belt and Road Initiative has infused fresh energy into what lies ahead. From what I’ve noticed, for quite some time, China mainly imported products from foreign brands and exported Chinese-manufactured items. But in the last five to six years, Chinese brands have also started expanding into the international market. They’re not only reaching out to “Belt and Road” partners but have also expanded their presence globally. This market shift is quite evident. Meanwhile, China is providing more opportunities for new brands from various countries to enter the market with the Belt and Road Initiative, and vice versa. It will create many possibilities and drive further development for international cooperation for sure. In our work, we’ve observed an upswing in the interest of the client base in some countries regarding the Chinese market. So if you ask me what’s China’s magic? I’d say it’s the open-mindedness and the place where anything’s possible. 

Lan Shu (CGTN, journalist):

Do you have any suggestions for foreign brands that intend to enter the Chinese market or expand their business in China? 

Vladimir Djurovic(Labbrand Group, CEO):

For those looking to enter the Chinese market, it is crucial to recognize that the China market has transitioned from being a sales-oriented market to a brand-oriented one. So foreign brands should establish a brand image that resonates with today’s Chinese consumers first. Additionally, making your brand experiences richer and more diverse is key to building stronger connections with your target audience. And international brands should also focus on strategic communication with China to work together for future development. Like the upcoming CIIE, a fantastic opportunity to collaborate with Chinese brands and the government for establishing long-term partnerships.