High-end fashion is making big waves in China
September 21, 2011
China is one of the up and coming fashion hubs of the world, and recent Chinese interest in the business at London Fashion week confirms the trend. Reuters reports that sales of designer products in the nation have been on the rise for the past few years due to a new class of consumers who are extremely interested in luxury.
"We're all in a recession but China isn't, china is booming," British designer Julien Macdonald told Reuters. "The new money is in China, every designer in the world wants to break into China."
McKinsel, a financial consulting company, has projected that the luxury market in China is expected to grow 18 percent annually from $12.2 billion in 2010 to $27.5 billion by 2015.
Designers such as Prada and Salvatore Ferragamo have seen major increases in profits since entering into the Chinese market. Prada saw their profits climb 74 percent in the first half of this year, largely due to Chinese sales.