Chinese brands are reshaping the global marketplace and extending their influence among international consumers — even as US tariffs cast uncertainty over the year ahead.
BYD’s electric vehicle sales have overtaken Tesla’s in Europe, and in Brazil seven out of 10 fully electric cars sold are made by BYD. Xiaomi, the world’s third-largest phonemaker, which has put its logo on everything from suitcases to smart washing machines, just added EVs to its list of planned exports. And this year’s must-have handbag accessory, the Labubu doll, is a Chinese export by Pop Mart, which generates almost 40 per cent of its sales outside China.
According to agencies focused on Asia-Pacific brands, the number of Chinese companies pursuing international sales and entering new markets has grown significantly over the past 18 months. “There’s been a pretty massive acceleration led by companies seeking growth outside of China — a highly competitive market where growth has slowed,” says Chris Reitermann, chief executive of Ogilvy Asia-Pacific and China president at WPP.