Luxury fashion puts on a brave face about China – CNBC
In general, Chinese consumers are still buying luxury brands, just not at the same rate, said Fflur Roberts, head of luxury goods at Euromonitor International.
“They have had a long history of buying luxury abroad, where it is cheaper, but owing to the unfavorable exchange rates they have been buying much less. Prices may also go up in China in the short-to-medium term, meaning they are even more inaccessible,” said Roberts.
High street fashion brands are also watching China carefully, although Philip Green, chairman of Topshop owner-Arcadia Group, told CNBC that his company had low exposure to Asia and was seeing growth in other markets, including online.
Roberts echoed Green, suggesting retailers universally might focus outside of Asia for pockets of growth, with profits looking better in Western Europe and North America.