After several years of rapid luxury growth, the global sector has entered a more cautious period. Consumers who were previously driven by logos, trends and social visibility are increasingly looking for products with clearer value propositions — including quality materials, durability, design longevity and brand authenticity.

　　Many international visitors to Icicle's Paris stores are less focused on logos and more interested in fabrics, craftsmanship and comfort, the company said.

　　Yang of BCG said China's supply chain remains one of the country's strongest advantages.

　　"The global quality gap has become very small," she said. "The real advantage is flexibility. Chinese companies can respond quickly to market feedback and bring the right products to the right consumers."

　　Many Chinese fashion brands frequently adjust their positioning in pursuit of short-term sales growth, Yang said. Icicle, by contrast, has maintained a consistent philosophy around natural materials, understated design and comfort for more than two decades.

　　Icicle's new Five Elements fragrance collection reflects that philosophy.

　　Inspired by the traditional Chinese concept of metal, wood, water, fire and earth, the collection does not simply translate the concepts into English. Instead, the company uses Chinese pinyin — "jin, mu, shui, huo, tu" — preserving the cultural roots while presenting them through a contemporary format.

　　The "wood" fragrance captures the freshness and vitality of spring, while "fire" represents energy and intensity.

　　"Perfume is absolutely the language of French perfumery," Ye said. "A French person can understand it. But what is inside the bottle is Chinese."

　　A long road ahead

　　Despite its ambitions, Ye said that becoming a global luxury brand remains a long journey.