Armando Branchini, executive director of Italian luxury goods member body Fondazione Altagamma, told the MAPIC conference in Cannes that the country would overtake Japan to become number one in the luxury goods market.
He was talking via a video link from MIPIM Asia in Hong Kong.
Sebastian Skiff, executive director for CBRE retail services in Asia, agreed. He said that the China market was changing incredibly quickly. “Today and tomorrow are going to be very different pictures,” he said.
Back in Cannes, Carmine Rotondaro, worldwide real estate director of the PPR Group, whose labels include Gucci, Yves Saint Laurent and Alexander McQueen, said the group was looking to grow in China.
“Our priority goes from the first and second tier cities in China and we will then look at the third tier cities,” said Rotondaro.
However, growth in the country is not just in luxury goods. High street chain Mango is also targeting China and hopes to open 100 stores a year in the country.
David Sancho, vice-president of international expansion for Mango, said: “We hope by December to have 200 stores in China. We would like to do that in other markets too, but its not so easy.”
More from MAPIC 2011 >>
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