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Forget about Paris and New York. Chinese
dying for haute couture gowns or the latest luxury bags
can now shop right at home.
Makers of luxury apparel, liquors and
other goods increasingly are looking to China, India and
other developing countries for the growth they won't find
in older, established markets in Europe.
To meet soaring demand for Asia's newly
affluent, venerable names such as Prada and Giorgio Armani
are setting up stores as quickly as they can - and even
considering making some of their products here.
'China is certainly the most prominent
and most important market we have in front of us,' Paolo
Fontanelli, chief financial officer for Giorgio Armani
SpA, told a conference on luxury brands in Shanghai on
Thursday.
Although China, Taiwan and Hong Kong
together account for only a tiny fraction of Armani's
sales, the fashion group is quickly adding stores in the
country, both in major cities like Shanghai and in lesser
known ones, such as Shenyang in the northeast and Chengdu
in the southwest.
And while the company leads the way in
setting up a flagship store on Shanghai's riverfront Bund,
just about all the big names now have boutiques in the
trendy districts of Shanghai and Beijing.
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