For the moment, China’s $8 billion luxury market accounts for just 3 percent of global sales, compared with 38 percent in Europe, 33 percent in South and North America and 12 percent in Japan.
But China (and Brazil!) are projected to be the two fastest-growing luxury markets through 2012, according to consulting firm Bain & Co.
“In a few years the luxury brand, owned by French retail and fashion group PPR SA, aims to have 40 stores in China, compared with the 50 it now has in Japan and roughly 70 in Europe” Gucci CEO Patrizio Di Marco said.
“We’re not planning to scale back, especially considering the future importance of this market,” he told Reuters in an interview.
“Look at a country like China. To have 28 stores, or to think of having 40 stores, is not excessive at all.”