For the past few years, as financial chaos tore through the US and a sovereign debt crisis crushed growth in Europe, the world’s luxury goods groups have done the best business in at least a decade. The reason? China.
Between 2010 and last year, brands from the comparatively small and exclusive Hermès to the bling of Louis Vuitton have seen the mix of China’s emerging wealth and its population’s love of all things luxury fatten an entire industry – during the leanest times almost anyone can remember.
But the mighty Chinese engine is moderating – at least by its own high-revving standards – and the new government is cracking down on exuberant personal spending and gift-giving by officials.
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