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HOME > PAST ISSUE > PERSPECTIVE [Premium content] > China from the Outside
July 2007

Why most luxury brands are struggling in China and what they can do to put themselves back on track

The largest luxury manufacturers are salivating at the prospect of striking it rich in the world’s fastest-growing market. Trend lines dazzle. China is now the third-largest consumer of luxury items; the PRC boasts more millionaires than Japan; diamond engagement ring penetration now exceeds 70% in Beijing, Shanghai and Guangzhou; automobile purchases skyrocketed by 50% in 2006 and that was a slow year.

The entire “new generation” is seduced by flash. The CEO and ...

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