Research
May 27, 2014
Burberry on Tmall
By Joe McCarthy
Although luxury growth in China went from 21 percent in 2012 to 2 percent in 2013, L2's latest China report asserts that the overall picture is rosier than this plunge suggests.
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rtqAsbbP+LInoWDUD6exvhSO\/i7jrGfhpTzqoTx8QPwCF3nRdehb7tA3w9mlRHGG9+7vGkZBgOKvugDPR4pmlycjifiIA5fOVEDYtWTrfxyQy9JUWbrzdXutifSWHu9xYFmD3FA6iSbCsGDwVzAfrD9WKaYXVBLlHPbqSr3CTtu81pYIPwVfYeYTu4cVMQo8cLLR8IDK8H2igFMOBC4tlfPkWxL7zGMw6zvusrmnymuPQ7\/KuI652LYAwCQIHEMRjwyDU7gJrJk9arrsoLwnOPNzRwubZsb0JPGOaj5Orzl\/lwOaCu19dP6GQhSTydYMIEuepn2HNs6zoPrr1dME+cG3cOAssxCK8rTIzOAQHuNxyO\/RhvuB+ClyVFUJika+fmYhF9pxVgqcXdwSZPFDslS7zaIRHB\/K3ipPuFmSw6u5wTuNTMJurocrWxeqGiZt\/8HfTPeO9FQQsXuS6hizTTQeZ41P6cU+76q6SWPTqmR6eAxYDFgtqOqZgDykZAO6ilLkd2K\/ZoxNUFToeA8KPYGD6lVky5IPOesTJ9UquBqy0lW7VJpI8M0\/Rqi2pdkTW6g6quVVsJzfQSs9wsveGIdYioSqs5SvBfh1NE1IZw\/CkRIBMbJ135kH\/kbW0k+Nu9pkLth65yoWwa+AFGQuW7NGbGyTt0WWUPWGRklrcfU3l\/ABc+AQcdTI6p998ypR+naP4HJvvZXez2lKIlKkjOr7HXAShUxQXOYlPrraaSOATSr6j4G8O9rxLTzHfA6zwah0Yb2fAVptDBi2Utwp\/sKC5CDdxq9qyJSojCrJI3vOuplVVPK0F9wAvXaXRE029LJv8QIoYHDrGsnG+7sFTgFY9jKTYaXT1+UxLF4wTWGdPNpq8I+bRddIM4Lfusyk59ILvFaLZE\/dDYzWX\/YVdBJRvVNB1K7\/BaSQ8racsJB946rzz8O3dcbYDuZAMs792l6SyUuVIg9Rc56jUh051wihul0KSWy9vWawDBTuADd2FhTJqYKrVc5773yecBB4dybaeKnIcp\/Xc3WVsLe1X8tjNQ6E+YKMos4ZZ0kak3aDdbGI\/7pKG\/bGagU19C2o9\/rheL73eWZ+rWOo5RCZkUJx9kUhFOWz\/ubj8WXpA0wOjPUASUctPwdLwIDUuJpaVWcb4dzvk8RB0YQREFNA7QbmPqtNjfVOc+q6W5gPbqpA0gA0xuedTqzQclZeeu+vDG6dwyDB7RZUZHrESu\/YgSfjx1vwFHcm6bmvUp12SY61DHId98l2j\/sp8VHfO4ImFU\/BIanP1oWAyjmZMByZOK3Pw21kg1qVDTQofPTkp7nMz5lM5hLz1gAvCQRaHegoZOW2gwEbMuRYiTXv6ntaGlRdWj4ig53n0mZeWAjohd9gXTgOmVfQ+QsT3gcyFr2M6fEyifQRKseO9j6znp9yR+U+BkDgUTTbHGQGFjryMpvnK7htwPkxd\/FoOPTHyUiZKeV1jBLtANumhy8YwWtPEvlVTDcsWWW4GdzWVTCt7hYzYJHcOwW9dH+4VphIKjdgUlCHsLWQi+2XJgBdMiL\/aUMiDnVn\/UgzlU9BuOFOyn0vf1O6+bDeiq+LgL1Fpmn421GkPAQqNTYnNFj1OuZDgkyohhwVKhT2CGXwyk4tOovAIM4a+P4yltSUOkrmVOKa8JpLVessuRWSOxXQKDsUHrWASXmeKSTgvikwLy3ZPSPuMykNJmikoECDIuH9Xjzt6jW4i+FkG+2147bChbCkZpElcLXqOsaGjWG1Z4uxuzKqhWSrp908vZmTIPtMP5w0J8kx2A1iTx5rBGE00jMF9EDrRyU4HoV2ETZBtEFNHOy7U9i8n6k+2pJxvbJ0+NAw2B5vAuAH6ZdVlMLrWPyhfc6UoqnTY8UlZ6J0018cYMaKHKQvV0DfHrrIrTs5nlMFxvz5iSla972ftviYR5ojEn2RNkDL4sJCa35S3stRJjG5GCucxoHaMS7\/L48pHlR7hTUTX\/H3h03dvSDWqeVguh88Xs6GdUlHV\/zr7si9ue9XxlgqdZpi2CIoQG1fHEt\/uQOcJWuxWN7XoA8iRnZ86DmudaIbay3nxUHa2USPaWq8HA+3pAxYTeKBqu7bewTFG3ReDiRJcl+STKP17N24AxSMicp+FXaL+S+p1qsEGLVKgHWIyScO79wsKwMyg1l1mFp07Gj2+BhVH\/qLc4OL3gMv2Q8D8yrw+JMMvKOhEyEzq0uiumJckJ7Xi1A50DirPgk5ALCP4lFVjMdMtkSFagNEaJmoUPioBwge9C\/cD8O1IOH3TrLk+2U+Gib\/hngNWGRhlmLQwaMy1bGPYpTmgtBcpmYndp\/mybnjF2gd6lWSjJ1H70oGPftzzoa1G+fHGWtfBi4xF1pN9Ttb8kCvj8EQJjg1rOMVqCHy0BLNFY4fBlvBpWLADIjxn8\/bnlS7oNcDcLrepF4OMKvZrxexY8+S3a574qEDN7D91IrcxaKRJXz2JMpxo8FNg+hQI67xWQvleCeeIaYWa620guzVxSNTmy4M4vprwMVpYO53CCIe8RpN417c3mF5cIuS+BQ1CbWIaDTIf3aL6GK+Ue7QLMJY5dMEjTHwyM9g\/Jjm3dn8fngjkir3ZG3fAIjt4dCYL4bO4DLlttsxWkSVtNX2vbvKv2DPLgMYZ01J2JVlYSf8xjtboUy1Vw5YSuOpuOzh+we2sL1DA3fH1lf4sArueIYMJky82a1+WtbVGxF1tKQ9u+eNYDd92Q6nZz3vR\/tojc\/zHnxMsnFELu83PH5X9XAWYb7O7V4W6OTIQ+LifAeQdy59uX5TuAuQfPOFBj5qU3QheMT3SZIqZt6BOZ40fNyNVCxRgXjsxb66o6uoCMeyeEvAJ04HbXB0E9QfVutfDo4uKrcxb9fPnuXly8vG0SFZonkRgFISrBIJowZNfpLa008Y+DsombkAhdvgS33FTTheo7uFhGCYGqBfArOrzD+yfk6XQQ1b15wfOks6AWG7jezCcZKDIrhQceXCSTRE2RDiHjszteEbD5iso6pzfTBzGlnaaEjeeP3ZNsHvzIGaJcJsBSEShHIomnAxYegnXPO4SZhwKDJTJmv2RcrZzBkwc6TsEyoz6laiP6n4BkasIm1WsNcRKBEM4LVmC+8GAQ98nvOPY4moP9jAwBYzSnPEUTArgJsQoey67W5Gv\/5cVMxA0dSxWYLUgkWS4LCeBhmBHqYqrTeXbMqmfEFYGrO\/Va0aIIwhzSAIv4LOuQBxY\/u7NUeDUO3vA5LpJFxf1Jz+0qAJK83\/YR6\/RfnicvrXj8F98q\/50r9S9oboyb33npaymXLFVko\/y1yqIlRex5wSqz3Csfti2Io1psSLtKCVgXzb+qnpFiVLwqu25LHWxush6nePbFUHWITHh1ee4sxT4NyL\/UfIluyWkKAQZnd1G+06+jIrXqzfgsQEhUEzCZcCl0bZ8xrr2RPaKlXroEjQdLHoLf9c\/JtuJ\/52FetDakyW2KgXGhQlwXBEuBMfQjYMjOFKpLXFy5yu6417sp73XDfh8+cBttUhaQCmBPSh44a0rfdY6gr5Fil2drZKobDP97Vd+hhAldswD3GkMQe5U2V5UvJaP18+p0ksjy6smISx1HqUqbjz1xTjIMWXf48pZp2KDHTBwdpmzjX8YIMsrit6kcYBSSPclUOANffRbq6hXJQwqYlVGK15BWD3NSIRywwquWceeaQYOJCpXnTcf52WZ5cIrlOmr\/JS2zaB8dfzfjCKRpqQESIbIlIi2DCMfAmNh2UONmKxcLoL0P77VDfkGXB4qdxxOlQsROB6CFLtNeLr2kJNgaEO8b\/YBJHsfq\/hT+RJA3Vn9pm0lkO+irbgLK9tn7tt4Knc\/G8PS6AtyvwLB2+2TlhnBkYgNG1MCpynRjH8NNTx0MT1ZiKzv0l8W0AcZ5qLrhP9H2GGJi+oFnyKBX\/ry0cDZrDg3i5Fy5+CD82gnLU0X5gzeI7IIsYTSTO3qWzLb7uznjg0aUzqq173xpCzq7MbzzLXFjrIZS0ctoxFKpgVWPmu6HyB4FOxSHD7ifi13I0SEnslZLXTaq5O+MBwl5YZHZW8jEpDP445ic5SrCJFNm9mcctGnfga390XQ\/UGSjGIZJwyfFU6l2OwGcwA7yV4QknODnvYFXcnGnNzTbV9h0waArOqMbZDdrLL\/lvpoiBdOB3YMfJm1QJ4lkM0bXRRhuVksEqcPRQGJC3NljkVv9SjcUvrqvSTlKXdyqJUNzM0Cz8H788+e968PWxSZcC23zqPusFcPXu6dv1qQeF2fVOZ4+O8wc5woFk8AoWibU0eNsxYO6cp77e2uiipoD5ObUeXKpc5TFRrwd\/MI2LVpy622bC6m6rjvBvJj0IIiWWKYOIbYZfLaXKSuTVEhObMjPzTtL4fjEAFdbWCQomp6528JsP4xxdzoAfxDDqsRTFhRWBfBzAeBs8KYbDp+aE5t4yb1P33dqglWLazgp8Lrwx5z60mmI9gE3VwUVstKKqSduLsTlkm6Su8XtQuITf2xs6kvi5QyNrLNQS\/DtUbpVi5s\/2pc\/4ud0H9tUOjXX81u\/Y5z+4FsGpTohoIEPkEBriNCDnqQTwzPiNrG6OedlIooz6tudDzeW6JF0s\/hvGLNIoRJGXSGgw7xb3go5SMC33RpFdLxWEXp9r3fdUt+FlByzPgsIbfzlt6EUVx84k4Bp6G7xpJi2KZAk7\/M2A+oL1CxDap4QSyaCYBtaBbFyVHIsG6M1IjJCIDSBjAlLDf7JfrT4onRU\/3DAH3xyiR399OkS3opankZ0n78kbs2KX0d7\/CvJneaXcscV3fU6SlNOD9bA35EFYHcaEBCEB+\/MwBhZYOqPBRoMlz\/7LEQWb+ErcCL3l0iMW5tM\/pSSS6NGl74BlQVwodoFRj+o+lpZFXMjuPEZx4ARepymvfEhPFZm\/bmD26wIU5c3WaG92cjtHdThSPcXf50JHK6LwH3S8kFempV5q+4v5LORAb2h7Q0hgDdCi7mdc5\/lJ45gogcVEa+UBlVNHLxVFXx0h772E1HJ8sp8XI4bPS1aQTJLIMo0jMm3rBRxr\/3tv2Chv4YdshrxIQCqpwjdRb8Q6TTzlIWoknugXLMegt9bn7105LOI3aJA3VauvBy3i\/T6lvUVJ8Ga2tkQXbN7TP+wlH7U2lxhtug7PKAs9VevH1vr+JYtSkePx5VTGyo6LJOZ8HRkzlDe3uOY1aAKN8kVKbj8b0UR4Evhjbr0QG9cEKvKH0PNze26OK03pQYAui1F+ZQtYGFTW6O86bALv0wXEZVcw6d1wSzTKy6Lthj41VkiC6HCnl2szlxO1zFCy8hboPVvkyMdhAgYBJlbaO+ayiZ4nnQQHZv5c2cYjKTCjV\/7SrUmOMLagtJ0FYsfXUjx8XiBFO6SM3fJWPVSSauk\/acuUKdS29l8MJ+7w==","iv":"971f175ad48e712b276bdcd3df409f5e","s":"ee10b010ea59c467"}
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