China will be the biggest luxury market in five years but Chinese luxury-goods consumers are seeking products that emphasize China's culture rather than exclusive brands that are iconic in the West.
Richemont Group's Shanghai Tang and Hermes' Shang Xia ("Up, Down") label seem to have figured that out ahead of others, while jeweller Qeelin is growing. An analyst with McKinsey in Shanghai says more
brands are thinking about the products they are marketing to Chinese consumers, not just their share of the market and their messaging. China's consumption of luxury goods is set to grow 18% annually
from $12.23 billion this year to around $27.51 billion by 2015.
Read the whole story at The Economic Times »
