Devialet, the French audio technology company, is increasing its investment in China with plans to open more brick-and-mortar stores in second-tier cities in an effort to tap into the immense consumption potential of China’s younger generation. Franck Lebouchard, CEO of Devialet, said that China is “absolutely an essential market” for the company, with the portable hi-fi speaker market growing rapidly, especially in China. Lebouchard emphasized the significance of the Chinese market, particularly for young consumers, who are looking for the best in every domain, such as bold design and outstanding acoustic quality. Despite the challenges posed by the COVID-19 pandemic, Devialet is currently experiencing global double-digit annual growth, including in China through all channels.
The rising demographic of young consumers in China, who are dynamic and brand-savvy, is driving the growth of the portable Bluetooth speaker market, along with advances in technology, consumption upgrades, and rising popularity of outdoor activities like parties and camping. Data from market consultancy Runto showed that sales of smart speakers in China are expected to increase by 3 percent compared to the previous year. Devialet is seeing fierce competition in the high-end speaker market in China, where it has numerous brands and products with wide price ranges. Technological innovation has been the key to the company’s success in the market.
Devialet has established flagship stores on Chinese e-commerce platforms such as Tmall and JD, and it attaches great importance to fast-growing short video platforms, having launched a brand purchasing channel on Douyin. It has also partnered with Chinese tech company Huawei Technologies Co for smart speakers. According to global market consultancy International Data Corp, most of the growth in the global market for smart home devices will come from emerging markets like China, with the global market expected to return to growth in 2023.