A study from American consultancy Bain & Co says that China remains the fastest-growing luxury goods market in the world, with a sales volume of 68.4 billion yuan ($10.27 billion) and an expected increase of 30 percent this year over last year’s takings:
“We aim to let Chinese customers become more familiar with the connotation and history of our brand through this activity, which brings Tiffany’s closer to its Chinese buyers,” Michael J. Kowalski, chairman of Tiffany & Co, told China Daily. In the second quarter of 2010, Tiffany’s witnessed its fastest growth in China, with a 27 percent increase year-on-year. “Sales in the Asia-Pacific region, led by China, could increase by a mid-20s percentage for the whole year,” Kowalski said.
Makers of luxury brands that want to get closer to Chinese customers are legion. Reuters reported that the Italian luxury brand Prada said it may launch an initial public offering (IPO) on the Hong Kong stock market if markets recover next year.
