Adrian Cheng, Adrienne Ma, Alan Fang, Andrew Wu, Angelica Cheung, Balbina Wong, Beijing, Chen Man, China, Dr. Victor Fung, Fashion, Guangzhou, Han Huohuo, Hangzhou, Hong Kong, Hung Huang, Jennifer Woo, Jimin Lee, Liu Wen, Lucia Liu, Luxury, Melvin Chua, Pauline Su, Sham Kar Wai, Shanghai, Shenzhen, Silas Chou, Terry Sio, Tianjin, Uma Wang, Vogue China
For the past few years, all eyes have been on China. Captivated by the country’s rapidly expanding economy, large population and seemingly insatiable appetite for luxury goods, global fashion brands have focused their efforts on the Middle Kingdom, opening glittering stores in megacities like Beijing and Shanghai, as well as fast growing middleweight cities like Guangzhou, Hangzhou, Shenzhen and Tianjin, and hosting high-profile public relations events, from exclusive VIP dinners to famously large-scale productions like Fendi’s runway spectacular on The Great Wall. And judging from recent figures, the results have been strong.
Liu Wen for Estée Lauder
According to the Boston Consulting Group, sales of luxury fashion goods in China increased by 33 percent to $40 billion last year, while experts estimate that the country will surpass the US to become the world’s largest luxury market by 2020.