Chinese companies achieve fastest growth in luxury sector

on June 11 2015 | in Daily Headlines Trending | by | with No Comments

Chinese companies have realized the strongest growth globally in the luxury industry sector in 2013, while their French counterparts still dominate the sector, said international auditing firm Deloitte in a statement published Wednesday.

According to Deloitte’s study Global Powers of Luxury Goods, the luxury business sales of top Chinese companies achieved a growth of 33.4% in 2013 while the global industry growth rate was only 8.2% during the same period, said Deloitte.

“Asian tigers stretch their claws on the luxury market,” the French national newspaper Les Echos said.

Hong Kong luxury group Chow Tai Fook reportedly outperformed French giants such as Kering and L’Oreal, after occupying the fourth place in world’s top 100 luxury firms.

According to Deloitte’s study, three of the 10 largest global luxury groups come from France: LVMH, L’Oreal and Kering, with LVMH number one on the list.

Read more at Want China Times.

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