Harrods is expected to open its private member club in Shanghai at the end of the year reflecting the growth potential of the Chinese market. The club, called Harrods The Residence, will be located in Jing’an district in downtown Shanghai. The private club will welcome only 250 members in the first year, with annual membership fees set as CNY150,000 ($20,900). Members will be provided black tier status at Harrods in London and access to its aviation, estates, and interior design services.

About 16% of Harrods’ income came from Chinese consumers last year. Chinese consumers purchased a total of CNY956bn worth of luxury goods in 2022, accounting for 38% of total global luxury retail sales, findings from market research firm the Yaok Institute shows. The figure is expected to reach 60% this year. Harrods is planning a brick-and-mortar store in China.