Times like these won’t keep Chinese shoppers away from Gucci
London (CNN Business)Trade war? Economic slowdown? Come what may, big-spending Chinese consumers won’t be denied luxury.
Chinese shoppers that abandoned luxury brands during a government crackdown on corruption are now delivering a wave of sales to fashion houses that have come to depend on their voracious appetite for watches, handbags and clothes.
Kering (KER), the owner of Gucci and Alexander McQueen, said that sales in China skyrocketed 30% in the first half of 2018. French fashion house Hermes credited sales in the country for record profits over the same period.
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