I have been thinking through details about the brand Lanvin and its push to expand in China, so I thought,” How big does your reach have to be to be considered a success? Does every business need to conquer the Chinese marketplace?”
I think there is a danger in pushing to be a global business too fast. Can you make more money if you’re selling in more places? Yes, absolutely, but you can also lose more money. Expanding your reach is not as easy as just putting out more products in more places. It requires forming new relationships, learning more cultural traditions, navigating trade laws, and so much more. Even just expanding to another city in the US can be tricky. Expanding your market takes resources.
Before you try to grow your business geographically, really ask yourself if you have all the necessary resources. Do you have the people, time, and capital to do it well? Be smart about building out your strategy. Focus on sustainable growth at a pace that you’re equipped to handle.
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