February 18, 2011
Suppliers of fashion goods and other luxuries are taking a more active interest in Asia.
Gloabl luxury brands have been looking to Asia for salvation as the effects of governement stimuli wear off and the prospect of a double-dip recession threatens the wealthy economies of Europe, the US and Japan.
Consultancy Bain & Co predicts luxury goods sales of 158 billion euros ($210 bn) this year, up 4% after a drop of 8% in 2009, mainly driven by sales in Asia. China, with 1.3 billion consumers, is now the world’s number-two luxury goods market, with sales up 12% in 2009 to $9.6 bn, accounting for 27.5% of global market.