President Xi Jinping’s campaigns to crack down on corrupt government officials and promote a more equal distribution of income have made displays of wealth not just passe, but potentially dangerous.
President Xi Jinping’s campaigns to crack down on corrupt government officials and promote a more equal distribution of income have made displays of wealth not just passe, but potentially dangerous.
www.bloomberg.com LVMH’s Empty Chinese Megastore Signals Deepening Luxury Crash
Upmarket brands are scrambling to adjust strategy after being wrongfooted by the rapid downturn in Chinese spending.
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Coco Li, 46, used to spend about HK$600,000 ($77,000) a year — or roughly 20% of her income — buying luxury items. After losing her job as an executive at a multinational company in Hong Kong, she’s curtailed her habit and put some of her Hermes handbags up for sale on mainland Chinese online platforms.
