Abstract
China’s luxury goods market will be worth an estimated US$ 27 billion by 2015, representing 20 percent of global luxury sales.1 As observed in other sectors in China, the speed at which the market took off is impressive. Louis Vuitton entered the market 20 years ago, has currently more than 40 stores in China and is opening more at a fast pace.2 No surprise that (Western) luxury groups are in great shape, reporting double-digit growth and profits. This market big bang has been a bonanza for Western luxury conglomerates and companies and their commercial partners in Hong Kong and mainland China. Strong growth and high profit margins have of course attracted newcomers, but no local brand exists so far to challenge the likes of Louis Vuitton, Hermès, Gucci or Prada in China, and even less abroad. Given China’s economicgrowth, rich craftsmanship tradition and growing availability of financial and managerial competences, there are grounds for such a development.
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NOTES
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© 2013 Jonas Hoffmann and Betina Hoffmann
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Hoffmann, J., Hoffmann, B. (2013). Paths For The Emergence Of Global Chinese Luxury Brands. In: Hoffmann, J., Coste-Manière, I. (eds) Global Luxury Trends. Palgrave Macmillan, London. https://doi.org/10.1057/9781137287397_3
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DOI: https://doi.org/10.1057/9781137287397_3
Publisher Name: Palgrave Macmillan, London
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