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Luxury brands continue to cash in on China market

(Xinhuanet.com)

08:12, July 30, 2012

China's increasing luxury market (Photo/China Daily)

BEIJING, July 29 (Xinhuanet) -- China's increasing luxury market was still a growth driver for some main international luxury groups' total revenue in the first half of 2012, despite the slight slowdown in market growth.

On Thursday, the French-owned PPR SA, for instance - the world's third-largest luxury group by turnover, which owns Gucci and Bottega Veneta - revealed it generated 1.17 billion euros ($1.4 billion) in sales from the Asia-Pacific region, excluding Japan, in the first half of 2012, an increase of 16.2 percent compared with the same period in 2011.

The region - its second best earner after Western Europe - contributed 18 percent to total group revenues of 6.39 billion euros, a 16.7 percent rise compared with the first six months of 2011.

The Gucci brand, gained huge popularity in China, said Chief Financial Officer Jean-Marc Duplaix, where sales soared by 35.6 percent across all of China in the first half of 2011, including Hong Kong, Macao and Taiwan, and 17.2 percent on the mainland in the first half of 2012.

At rival LVMH Moet Hennessy Louis Vuitton SA, the leading luxury group which owns a stable of top names including LV, Fendi and Kenzo, revenues were also boosted from Asia.

Total revenues of 12.9 billion euros in the first half of 2012, were 26 percent better than 2011, with countries in Asia, excluding Japan, contributing the most, the group said.

"Sales to customers from China and America were particularly strong during the period," LVMH added.

Both luxury giants said that they were optimistic that business in China, especially, will continue to expand.


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