China's rich make up almost a third of the world's luxury shoppers, up from only 2 percent around the turn of the millennium. "Everyone is benefiting from more traffic at the Chinese (luxury) shops," said Bruno Lannes, a Shanghai-based partner with consultancy Bain. It estimates a four-percent increase in mainland China sales after three years of decline. "Some brands in China are expecting 2016 to go back to their peak in 2012, though the mix is different. Richemont, the owner of Cartier, Van Cleef & Arpels and a dozen other luxury brands, reported "marked" October sales growth in mainland China in its presentation to investors.

Source: Egypt Independent December 04, 2016 08:32 UTC