China Has Become A New Concern For Luxury Brands.
Recently, the report on global retail industry released by CB Richard Eillis said that Hongkong, Beijing and Shanghai ranked the ten largest retail cities in the world, Hongkong ranked fifth, Beijing and Shanghai ranked sixth and eighth respectively. It is reported that these cities are ranked in the top ten because of their great attraction to luxury brands.
In Asia, Hongkong is the largest retail market, followed by Beijing, Tokyo and Shanghai.
Sales in the Asian market account for 28% of LVMH's total sales in 2009, making it the largest market for LVMH.
In addition, the Asia Pacific market accounted for 13.8% of the second luxury goods companies' Richmont, while the European market accounted for only 3.5%.
The report also pointed out that London is still the world's largest retail City, attracting 56% of the world's retailers, but at the same time facing enormous challenges from Dubai, Dubai accounts for 55% of the total.
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