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By Hart Huguet Hagerty, Photo Credit Nicky Almasy
Want a wine tasting in a chateau in Bordeaux? A party with Oscar De La Renta and Diane Von Furstenberg in the Empire State Building? Dinner with Price Albert in Monaco? Then meet Lili Feng, VP of Business Development for Affinity China, a private network providing China’s wealthiest people access to unique lifestyle opportunities overseas.
Is business booming with China’s economy?
Right now we have a 30-person team across our Beijing, New York, London and Shanghai offices. We are growing very fast, but we’re also trying to maintain tight control over the quality of our members - the highest net worth individuals at the very top of China’s pyramid. We have 150 to 200 members. Not that many, because we’re aiming at the very, very top.
So what are people at the very, very top like?
I can’t define how much money they have, but these are the people who have private yachts and private jets. They are typically men, 40 years and older, who have families with kids studying overseas. Many of them also have government relations.
What does Affinity give them that they don’t already have?
In China they have connections everywhere, so they can do whatever they want here. But outside of China, they don’t have that same access, so we provide that bridge for them overseas.
What sort of access can you offer?
We do anything from arranging wine tastings at chateaus in Bordeaux, to organizing dinners with top US figures like Bill Clinton and Warren Buffett.
You’ve connected clients with Clinton and Buffett?!
We just got a request and we’re in the process of making it happen.
So how does Affinity have such good hookups?
One of our investors is James D. Robison, the founder of RRE Ventures. His father is a director at Coca-Cola and his family is one of the top 20 business families in the US. Our shareholders and advisors are also very high-profile, people like Michael Loeb, cofounder of Synapse. Their networks enable us to give Chinese clients unparalleled connections. We cannot do everything, but compared to other companies here, we offer the best access by far.
What has been the most challenging event for you?
Our biggest of the year is Dragon Week, celebrating Chinese New Year. Last year we flew 75 people to New York City for a private party and fashion show with Oscar De La Renta and Diane Von Furstenberg in the Empire State Building, which we lit up in red and gold. It took four months to plan, booking individuals’ itineraries and coordinating with Michael Bloomberg and the entourages of Oscar de la Renta, Yue-Sai Kan and Lang Lang.
How else do you blow Chinese billionaires’ minds?
We offer them totally different experiences abroad. If they want to buy clothes, we’ll put on a private mini fashion show teaching the differences between Stella McCartney, Louis Vuitton and Chanel. In New York we’ve closed Bergdorf Goodman so our clients could shop in private, and recently brought some women to Estee Lauder’s headquarters, where they got to buy unreleased cosmetics.
How effective is it all?
The women go crazy. They want to buy all of the jewelry, bags, everything. They aren’t conservative shoppers. At a Hermes event a man bought four bags, one in each color. He said, “I don’t know which colors my wife and daughter will like, so I’ll just buy them all.” That was really shocking for me. Now I know those stories about Chinese people buying out the whole store are true.
What other lavish trips does Affinity organize?
About every two months, we organize for clients to fly private jets to Augusta, Georgia to play golf on the Masters course. We’re currently arranging for our clients to stay in luxury hotels in Monaco and have dinner with Price Albert.
“We organize private jets to Augusta, Georgia to play on the Masters course; it’s not unusual to spend a half million dollars on one golf trip.”
It all sounds crazy!
Our members are low key, they don’t think it’s crazy. For those who love golf, that is a normal activity - it’s not unusual to spend a half million dollars on one golf trip. I’ve been working in the luxury lifestyle industry for a long time, and for many this isn’t a big deal. It depends on your perspective.
There’s been talk about Chinese tastes shifting toward less conspicuous consumption?
Those consumers come from first-tier cities. They’ve been buying luxury products for years, so now they prefer something more discreet. They are sophisticated, have been abroad and cultivated their own tastes. There’s another type of wealthy Chinese from second-tier cities, like mining moguls who’ve only recently been exposed to luxury, who really want to show off their wealth. They don’t care about the price; they just want to buy what’s most expensive.
What is the biggest misconception about Chinese billionaires?
That rich Chinese people only spend money on things just to show off. Many of our clients are very modest and don’t wear fancy logos. You’d never guess they are billionaires. Most are frequent travelers who can tell the year of a wine by smelling it. You’d be shocked to know their extensive knowledge in wine, golf and art.
How does Affinity position itself when labels like ‘luxury’ and ‘exclusive’ are slapped on everything these days?
Our company doesn’t like to emphasize luxury. Everyone is talking about luxury right now. Affinity’s end purpose is to fulfill our clients’ sophisticated needs and appetites. We also want to educate our nouveau riche clients and open them up to the international market, allowing them to become more sophisticated people. Young people, especially here in China, want to improve not just themselves, but foreigners’ perceptions of China. If I had never been abroad, I would want someone to take me shopping and teach me how to properly behave for certain occasions too.
So Affinity is also like a lifestyle coach?
Many people think we’re just this superficial company, only doing superficial things. But we are very humble people who don’t associate themselves with the superficial luxury market. We don’t carry fancy handbags. We’re just here to help our clients, educate them and give them opportunities.
This article first appeared in the September 2012 issue of That's Shanghai. To see more Throwback Thursday posts, click here.
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