China Luxury Industry Prepares for Boom
China’s economic growth over the past few years has given rise to a new wealthy elite looking for ways to spend their money.
“You can see it in designer shops in Shanghai and Beijing,” says Angelica Cheung, the editor-in-chief of the newly launched Vogue China.
“People who are not particularly tastefully dressed go into shops with briefcases of cash and say ‘I want that one. What’s this; oh it’s an Italian brand. Yes, then I want that’.”