Marketing
July 15, 2021
China might seem like the answer for luxury growth, but there are risks in the medium term that could derail this burgeoning luxury market. Image credit: Li Ning's Fall/Winter 2021 collection, Weibo
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QMsDwjQhHqx8bvuH5Ebp\/KlgXCvxuKQGl3KIAh3nkiHvYcbYQn1nibRoRiHZRF5J8\/afb\/z66dkqaCQzHn+iL0TS25aZ7Cs21\/cDmJZYdWaw7DX2LzvsQSlrTy\/ria1UA4qIjPT7aFHBDk6akfmGHG2iE\/RwOpqgnalFpMKTs3yRZkwOFE+KMc1g0fwVRDlELvAAqnh1eZIXgFSFxoQOtlJFKSBLcCs6kuz00SJjZpcBEuyrd1yYUYKIoq+FMDwcy1FSTdoBCfZqrLwOaMVjzsA+jttq+GX+fuRqESU3IJGlbQeMyvFoXwlRCbzwvD+2jAmHhh7sGaf6yn2yRgIne2HGQMnI8ZPx9Qaoq29BkXXUvIP\/5MIlVUF2zfWiwZ3gqFZ\/KNZTHssDRG2M6U+Q7PzkdzTbJ+oypsx1Yjp6BzgOjSFaljtlk\/jXDrmvyUfXLVHJec6X4ROu8BneQMm\/Ai3DkMMWMBmzltG\/MEfRRRbmfzNB7rq3\/Ffzp8znndjDBS1Yuy1qtCux3UsMDa5xu1j5\/asP8G0ibWz5So2H7XLl6rP1cv7nIWF6ssnpG0bWsNrQqlpz4qomgc+ellfQZ9V3OoOpzneyhzoauLTWOuyNNrpAMe5gWRvt0xqlltT4qekUxr0BM+VQrT47HZLCpFXkSugZHHakojHnU80\/jdCBh3OH6FZaEE18ZHCDITFqyAFxpeDPmdmD3ARO9ztb8KDUcrO0f5VNgmSONG6CLtDpP1HGiCpBhGpSbBJykHThrZ7RW4rl0thhsO0wquotjTV1f4bu4NmoIikERNQWv\/BnqeaiGrwMUgd8+E1ZRONJHlSqr+tKkYEkuR4ILqsY60xZwD8SuDciMelUVroSn3L2jx\/\/AAnrOj9931D2L+78nUzaJAxFQeuV1COfzj3uyLwZ36V17aavXHcWDt0GqQIl+cVHKuspk0TpMr2\/s4QEvPIY6zNQkfVTQGzdZo6RxsZbZ0XDf+y8FUW2drdyGOZ+RvuV+2YPxQODQycmWpKtMiOl7CzKBXV\/sSdVidQTB5QI1BEzuzJ3a8YwZgz1hTIvdStTdr9Boif0iw3cWjzY+Wzf1mu15NQF1pYObTtHSXMKhPenPMC+z9rJZyfWWGzVM4Et6F4OdYq3Wl+6iWh\/UwTU8s+dFax3UBv4IyLVubdYjXj0NzQ0VkcmJnnBV8C3gF34LK4233HksH9dmfUnfPMx7bWcbzVAQ20zKg1ehnTIlqcsfBxroowWj+PnwL4sy0ZB33ChrNdCKjw+EuN91YUzuA8pt9QooKg5gGizxxUdoiyT1\/wk6cfuVRoTTkz0IPUos0Rw8gssxgj7Y\/BuRoWEVpmY67SophX38XRHPjAlFfpqEzZpjcmcV9PTlcNMkTGyT9kTMudkifbUW76nGQWBQOBTOf1Q1d0Lyr\/1m27iqP6uBRhcsajptKrFyAt\/e0obyuln1tvKw+SROZIjtHjA3VMEoWl9eC9xtvbiJCC2C7MFca6NoiHm+78kh36h4AAwyDZB+1tcl5bRCygWC6feiio1wUFHKT8\/jjHv+Q6PhbBXwrdERqVjDvq9uYHnizhyJdKHWt6O+fBtdJONIt1KsYSNjvednHufG5Xzc\/5p272jB1Ni\/2lFqQoAwLS0LkaaGWfOIPPFhDLswYJh67MPnBf71+zd2fYRHqJMOgldMrMrdOV3gALOY5ZQ0Q5dgb6VUNJid+rPKxbFqHRd4+gDjwaC79olmqcC5n4AvOkZe1lrdr9yNr+L3\/o8VYaOGUaRQC92KMyKl3tkByqqFaZyb9UpKJJpKOXMGAi7YoOaot057ZLAWIu1ppFI21BkbRQBewgIVVj2NL6JKCtrKvbcS2df5f8fzI9emr4lAKu5oVTyEKZ9Y25eyafFGJDHMUFjcT1u8+1+sxOEihmNG2nHNWz65qw3YaPVNT2Zw45m8EsmhOo2WfeC+9Fkp6nX+3uaDTRkG+t\/r4XGHfJEI9eS0QnTNS39bv2\/hrVcGeNzLxmVamZCiJJ3HgW7vxnh2XPBLzfEb5ONQDMqu5TZYhmT4hNEsY3z2nnMYI7QMlsUmLhaWcCgWIYJ1e1ku3Q6C3+YqXS6alh53+boPQ7n8\/Exwf3+pSfiefHGmlPB+vwnExXDAvZXEEOYJSO7dg7fQnTIW5z5\/v+56P1lhy5NDLND1jnJLP\/\/5JrlIEpyeuZd8HI723d0GL0SeXVBjNSCERCwuR\/3rktJ9cgL6\/PjTNwfaBGlkRnRfR\/CmwXawQ\/AFI9BY1t3CLITFatWYRDtuHk45iQ\/cGB5Hcb8tNL5aBR3D4jmhHlLoHxwVUtkFawkdGE2v0J5ZyyBCSRUqzJrGAZYzFlnm7+yE4kFTYT0qLgzCmrBL9biWS0BtdTMMRRFmHFQE\/qG5m69SIqWTvfPseySbce3QX7afP4sRNBJDg5IcF\/dED+dA2suN0HVL9e90aQjcqkyPFKsfivxiCQaUCHkdG3Z2wm\/JwDoj2qf9+0k89OTgfUhhcBfIi\/UMSYRtFudxqBVKI4Ek4RTb1lqAfg4qZaWAPwadrqw\/WNcoEUharqf9nj2kcBEa+\/afWdHkNQBTCt6eRapLHXLQcHwa\/1+zXQwwF6+6fOAgVKDSmcoEcyA5PGKmQUl5m5ja40qqWHoYpEd\/rb9yT\/rXXLgU1DIvNM6tFqfU4p+G3Dm\/t44gsYn6rtziDHo08X3f6mL3FhK3y70wHvekQdATd+tIdpBx7Axhy0qYbNzKDAlWDmU\/vFQPkO+1EnfNDTx9uS\/6W9Dequpuui8ajA2l\/sfp29fp6lrOPWs8LnzZRVbvGvwQK8YeHG\/ocsZL3tTUNcB0rP1BeWyHRoqZp48XGAjeW\/12McgkVcw0HOBtcwTyCG3pvKPUjeAn0n0V+Bba41K+MXYUDd5ElyasrDE0\/o69MKzAyk8W5RYHFxUubrAkSxrPQHpspLjh95FWnN20tHg24Aoe+BwsONO8psl1MkMHCbimYn0uY\/cv37EMWAk8GE3nVp18Tr3THCVRy\/yeRpaw5vg4pNoG1Tps5XGHdmbTejaGQ+ibNIjrZ67eo06mWQAWIkp3ocIU5m5wxg2FWLYBg8ajk0H+LFz9cjZCTm93rOKS5fZoSPPf5rYp\/o8ReOvdPPUTJ85fbQiLpOb42\/vj157tCwpPGmXrXRoNSk3zcdoj8ycL3qFIIaAo2Bc++WgFgE0sAWfKZ5NoHTa0Z5a+YNlhory0r5JP7n9TRcNl3rADIhVC35BKaRdZXsb8VfjQuFIV+5qx9WcGz+TeQDxQ5NBOAIijXA1m0m8KV0lQyXd3geBUPYkT1yYixwU33XZ9nc3B2RPnLnh6NBi08nB8hfXLiZxqwbQ7DJrXUaXmLrqftijGmoT0TQh77cxS68L95IfdfyRFN63YmTU4za5YI7CS8JPBkZVWVe1CV0oRkA7Bku4rUXvdjOKUP+YLVvK+CxmWZYSDuN+HFdAMdx90k1joI9uJRpok1\/TI1L7wnTUarTjSoq84Zv\/CLsoU0RdEXu+k9JS1qLYTeJpaDFr7Q6YHFRpujGunLkDxz1LrFB89pLKqP09qHGC1dANNkOzt\/KAZbojytN4t99RMmteoqIQEjENV4\/KcSTNuW+DQ9+MqRMnB3uI2sl2WejeuN8RiSv+xmbAF2aX8dK9ROqnnbkwHmgdA61KV5HBWFC+pDVTD1TSaP2pFrAW\/LIA8ftrEfTtvAxhocCoy0mn0ygfaHrlQw2oRpBo9VLZtf3qMxFsEdeKbzVbHvzadScZ5RQl6eRisws7A\/GW88Y8AbtaoM4Bh207EP+2USMaQvFRrLvFLX4LkbHfbEY\/YT+3yjD1rxAPNT6CII7xOd3v7NL5EWWKue3sWQADNoXRcBCyi2sUN11tF3KD4NdoekATCuW0aHqeN\/8AZq8DbHx6+F60j2R1p\/hdGbjWYmRnalJuq1Zct6kOAQcVvqZWsxSE2xmls4GZECEp6JgRxcFXyoNrt1uB19jgWZAc3QyA5eww5cwBTlFAFabjGlhnymSyGkGFqPtCUWal4VXeVvap0bwi+1EflhTZBqNJQxCQmaEw0DYxCj9juYqkQ1zLwXsWW7huEkVBMsXnfSVGYjgMfPYpX\/+cCyqrA2vQhMnnDV8E6is3kFNVFPonuT1oe54FWgL71kr0IZRkPNoEBNxyQltqcIODE8JYB++UpTvxDWDrhiaTQsbz1pJog8R9ND01zGMRnnGj7xy7YN3ZKHExBW\/jZmySuSDmRnp4zEOsd8NqQUlhWxIc4SxLrWA7aVp9HLGoTFmw42Tb3O3U+Tple5vugCyewWesGDqmbe8Jb+TxrjYTd7cAIPaAsii15kHtabuEdQNIOXk5bMiD7TqbXj4nR4M9ZOG5XQ9JtjNCcSJ7YQxjzgQgwpZXyMTHHofWkhhuniKXQ3enV7oDEAMEX8kUs7XnUIxBMv8BdJtQpLKYg+EMVe8jUfjaT9KjGsWHfhO\/","iv":"e2467c5001e3387f7721dbc9b299e8af","s":"ec23a662a9bb1cd7"}
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