Prada finally gets listed in Hong Kong, followed by perhaps some more luxury companies. The story of luxury in China has always been appealing: people are getting rich, buying luxurious brands and “supporting” companies like Prada. But is this story endless? I am afraid China isn’t the new Babylon, is it?
Hong Kong is right the reflection of the luxury business in China. Rich mainlanders cross the border and crowd into stores of Prada, Gucci, LV and Burberry every day. This has continued for years, yet the market has shown signs to be saturated. However the Chinese passion with luxury is hard to change, Prada may keep enjoying the profitable business for, at least, quite a long period of time.
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