All eyes on China for luxury’s recovery, but no guarantees of future success
Posted Bya Luxury Daily columnistOn In Columns,Featured,Industry sectors,News,Opinion,Research,Retail | No 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SezMTQaNY3Ed6Oq392yipgIF9urtEnOV9zn8yVAe3HJwqoC1Md0LuNORzXY+KeyaxKuSl0jMnIX7vFAp4s6I8a2\/vcsNXwL+UkBn9rnD\/GIExG6B3tsVhEGlpMAbl3UonWhnFHHYQJh\/KRBredJwGLdfs1qsvJDErOrCrgBeduI0iLFTKsJoq+CsczdtuYqYeyzuKc0xu9I2nI0Qn\/ATKWy6azawPaVr+lIpIWVivEYqyQ4K6PzOm661ifIwQ8LrmshfOWk++FJ3L+fS\/cHik083\/s7ern1lCrcs\/FERUUXZNaQXfkvoHkqSW3H0YsjrAU3t9VzhKcklMc95wRPASpCgnoWbRn6oeSTh9cK5smrlXiKpYBzxktnFBhMgEys2CDQ7V7IqjQt9W4a18\/rdXFXQdWWBJOqFd6UXxdr3Z2wrSnrR+MStydWNGZO5d+\/dzbkMF8nraKKJ0iJq49WYJZDz503chSOEx0FApzInIkZO5WMTyfSSfSWPkYDMp+VCHD1QSouZhweVQ\/8GS05w7VBtTonu53HhIFTQYrg2LhtgUODby1oh7ceB2z13jcc0QRdxNoLF1aczjleo84NZ+ayOD4kLLhfJFxahMiOrSu\/EDEtRY4RQY4cPnBfGZyb5dT\/nDweklXpKm\/bEuRdP28dYLzadxqm9+hQPubRNQ5hvy2UDFUgGoxt2pefjnvEEzXpmzdbd6NZeXCJAssvcbdcmPg68WSGk50PFFWEB5z4kBwfG4OJ+LUMt7hyYmmtJF2Rg+9VgAZ7cFsx0VESmssfYfwPS+hltp5YSMXrH+CgMYY7mllF9TOVx571QRRbasvsJYGJ80O91l5Lao3bYGykcfF3RXIi9EE2rGq+bgPWzQiREurqZnVL1CicdfjGeWG8+lB0Y6iBvcp9H\/NODa9cRN\/PKV5FOiqan8s8nr8Fhj1qb8YUPw6qZBsh3lIeMLagP00LvY71qsxyxRC5k1aNZiUAcMRhMyeQKlyuhkeX23WQQ1e2h\/CArA\/mhnrmGRegLikxN4M+Ly01VOpdyzLqxwmft6WNNwRnk4JImDs3RPXJ32+NAueAPuRcBUK9jaP6mZiYwcVIIM7opPuiWjhXUP6CXuhdMfePVAWuxg3uaEYpKc+zMC72Hq0p9UkpgwAdoT0Q130Bmlx4eotkiy0dBEF9xJ6o7CGezPOdEBdR0pJJufITJd6zYxSlvtpJ7jJThgtfBzjrp\/mkZq37zXikkS5pZEkF+klPHwKUgCvjuOF+Tz4l2EwiUozaWlTpYgf5jhF4RYqjbKao5+qaUiD36yqWQpAivHjdlJauW5A0Nl0JKtKAm+3DbspPHVxdb5\/AmJhZzK5RM3Y2FBNYNX2ERg6oA+7vbCMozvgCXMzMFigNZi21MVcLh9wPAzoruecXcOale+YCUCpDYcJvUYuDT\/BJ4uZeWN3EgAriukAFLud4yjiSGNU4+cLNcu5lvS+LeoBX0Fu4WgJTsuu8bgXCEaBDBpxJTiRJmh5S491D+UAwD3sXPIzbdJvAvr\/nokEFmryAHmeUiz\/rhWhX7pRVChwuJVpzMdW9N9AuF7zfEPKsMaa99VQM2mrXzppkCWdhvEDIfN3QmO6wxjFT20trvV25yY03b9+asCGGfrOUD+U91rTVTNVHSp9lvfDxP9jJ7rS+P9noR9mxaWL+POy3eA6ig14VOOdoRZqBNxJXW5ofOu6zD4dNHdJdbSIwieAtcRx3\/ud4AAqsTVEtbhcgS9V+I7tPqSWNMK0C8qqEWmHvZiZaX\/nBrfAN15SD+kfsptOZhw\/i4xzqEiFt37a4ZLAJ\/Ecw6N6JMUsa0pD85bQ4isRFV93FPgHuOvNvm4diy3lXjjwc83E8RZKljylrJCsbOs3IBrtS76yu0gKK0e690DeRd7ntqeILZJSFASkvij\/iaZOloRKtBVbr8E6lFQo6OpDRJdg2XyhlizPlPcDRGdzvjwqkrKbf\/RyUPKi00Q15M1lI4mC68p1tX1HO+N3HHNzx9cYJEBPU9dmUHqwib+\/+NkY4Rdbz1TA6nQrZg2VBDhJWEyESzH+i1IswHyZrtbmJVwvSn1reo7uNCNumk+jNxkEvLqpEo4iuZRxCOCWvXlvqT4kUq92e3P548dwhAEAokk0rcWFr9wFnb8Dd\/T3ZFYSkdE4NHALXdDIzMnLxczaIQy8YjNYfDtyXY2SD4Z6sfYZmy61V\/+Wk\/dQX8zXseAKWm7mvDDsLcsQX29OznWy6+sVkfGZwkO74ol8eH7BmZ80MB+tWlMLGv2ckYVwIqM6gChB1Nqz9NiC++sqiRDR5MRlNo4UiWHSn0dySWZa55EqrUNb\/WmZwkIeLgiLbB8Z63vEfHPSqowzUTZbLgdQki9AOi3wE\/NEjxPArp3LcMj\/rj1b5ounKPv6JNShuqigHgVqT0Bj60PQmt7Tul4T0HZ8vuu1B0LmWUyvb1Wf\/rwuSLwX4Xxgck9pgCji94No5uUkcDPbw\/pauxhmnwNyC0T06ictDXGkhw\/WUt8u2hNBFGIW8d9ZVknJHXRcR4YBt2hrLGOsBAxns0bBK9D7tBGhgcUVoVmyvEqC6u4i3ZceCsEKltXy1hurLv39\/e1aqUU0ktUEbQsgMxua\/MsWPY3QiYUfJhrNgHKhCAoj24BT+Cahxx8XRfVsQrceGDat4kW7N7ZPzMpjENG9OkWUseZGnTTRUg2moa0dO9S+EAl2ffK+FaWAqtuL1KNX3zMZdctjK8IPVD\/HQ9AwTuirPKuNq37YIjtdJQmTUs7PWss9YYZ2G+GDQQrLzcRUlIhxz2vb2wqWrA\/FKjQgD+jLi61MPSCY1KytL3jZLI72Qi49+TdBO1Brghcl8U5q\/ZU3lpgUhGpErOyenRjm0nN6pAgI1MHTdDJR\/BV63a6R861BeYdTOQ664DpqIfuBC2DnIJIzWSOklyPaaogr31JXtRPTWRX4MNmcIiA\/ex9AKozyGEqscWqeqfKQq\/d0b7TuNbgQPKYf2HDSsgLG4Dny8I\/iVwwCnmvHzSikcm95gRqGnPhM\/5McTUiR8RDoJnDK0tb9v4CS6CixFY5SuZuDCT9cVasVKSUtOKwuM7Iu7kk0vTT7iHKQKs55Nj+Hs7Jhyxoz45n2Q4zMbuse+aO1tV1GUKAVGMDC8MiegHpZOtd6bk2DV1dqQI+HzCgi3q4udIW5k\/UeooTBBaKHI3M9hR9hDHUBdUNuKPyeubX7NmjP4ywGeOsOt3LOEBGsmHYoVKfyFwvLDpJTfs\/meNQGDY7BQxadSSXuO5JNYpq6aQnM7tGLOtDORgizQ5Ae\/N78nXunMx9RACHiBvM4YqqhsfPOOr34W5c2IJNzgiG479lS6RbqXnyo7VOKZ2eU1xf\/almwgFnvFmpiz12ZFCZVA1VLP76oX3jj3sxnmcTsog8VDanUGIgEbz5bA\/EUkhxKBv8Lby2fNzCynrMqm1Z3I3SxHOjRrUVVMBzWOA52KzOjfgFZ0XiHzTHhoSQ6VeMfBnQ2bdk7UpU7eC\/a3x4HGbbMn0KJ9CDzzgzkf1XQkqoRr\/XzsIUnxVBBJmukxuWW3Fi9ko9IMtA6N60TGfROT7m4atyfsxCSOqIzCngg0Fj6zBSBIHYXrikELCX9\/Cj0c5En5iSKObEHO8UkDTDAks6AtXd6Vz4HYwRst\/6pRUW92KuMpImjC9f4oiw2S4IWURZYn2wTNbkPtGyZ+cEVAD\/qeaAyonTIbG91e9ff\/82C2MeSrrJVosmRkx4RGq7tNT+jNIA1fRIr39xDpnaXgaUit+RtMQsK5MpKbwHSxXJZPrDlD\/eJbQoC82+ar1OcshDseGJuVuit+FmhxrDIf6D5zlgPMVbKc\/XHNrDrf0Qv\/sfAeRfoFsR\/\/WG8Zv138A5HTbJeN78h1l2o0D1k+48w46Hl305Fj1i5SQ3BRvAHjSwEBKEF4K5F1bKHEzTefl0wOTLSu8aCIQlw79tbtWhW9KdSyaEZsuz1c84mOQ0qV6BB0rDGgkjg9uKLIVswsXxf2pwQJcgoZGpDpdRozmCYqDRg207G6xOnTNpT3zHQuX6kCRZyrbgWltBDrMZtILK2mZRvqDJEqFn0KwdQGFgqvQyQ8AxfBQHbdXmvqcZ\/HQiZqVWo01S3CXj9uKAiNJQKDd2lHt+0rOtOwm70qFOnbn0luAeKVVrLvjtmB8bT5nMqlAjyAf3XyHKTPsshUJVkSy00110Oynm72\/mXz5JUeVAEAiQUVUM0t0A4ZcA3nx2yf6dImEj\/SicGp7ITdZvRTGrZ8AVvNQUfly2v3a4Dz0KL+P90Yfc49\/mCkUJPrN8oGd+bRjY\/PHubDNIqVlq8ae1z3D2pwixBF0ENxTgYvqYKzG8Q1za7XLuJQNRy43k3ZVasGHFamgl5qyKRdwK0sLO3+EOXuxaldpQcNlEWGfxpZIEd4Qv3kI7tm3BCLwwH1LO8FVMynLz50GfmsJDsGrFNZTFCCuutzfDsS3q0leBJrCpvSFd+lYmmU0Xsd2Kw1HbQ4lJPF4vzy+boa4xfT5MZflFq7f31AFYjyQCmLkUSnMztPB\/o\/f3muGNvqHvHMEkc0nIOm0Hpge8XZgOUWUtDajDyVGsAyuf82tiZpkGMbONwsv5sFpUPmXCtAw2YA00Sr8TWI8dzpeOLcyHAfgc37bGYPGFT6OQNmFyLmJ5qGaL\/NaOAM9\/vZ3Dz2mJm4+LTAto0KJ8\/AjqINcW+ct4tRdGh2BnbAcbc2iG8Z2I1aebWdOsX2mfey6yt0x35vNCi+nIRdhVqoV9HPfDFoNGo9Es+o0aOfVASvXxYyjTCoxP9SndauJAUnYXtggx\/Zjl8WogZsTxsa3PHeF1Fx4GAqRzB9xhrT5LfH5PF52s526IuP6iljiUX\/KsQRCUR1BpNKygU\/n9v4m\/vF\/P+Fhq7TjFoMrDX\/MrLQCACi1rnC+gchaQEO7mD9chmJUbPSv3X3EphSxTux04eHOljgRRtxb1w1B1w7ieLCtkYdfHttWx5lJQPu9WIbJNQqqHvnaGeLJR8RcTgrIcrwiSXZkG4okSKdYxUHU1qaCEXYzjyaQBzM\/IPLuWgBCjUZqenhw4zTDEZXc91cdbW0UD0LdlGE\/sqFHqnbvEmpyHK\/yYx23okT4z+gEvMeUyHbHwOBZiZwMTnEcag3PecJ+TRDJzcIfOLDPzs3vPmZhmnSeNZbduR+9wAF9\/2JmTH\/X5hL9HdcZBlauX2avKKK+rbaaytBBBD9GwbZAMIG4BcHK8aQZWYorUuBc4wTeVizjT2buvKZG9yB9lAiIbkOFthCes+LBFD3z+b2L7JPhBMM5tJ\/gM9DKfAQeS2chyhHbADJop63n63feg0DMXkNzBPsFBof3CDMGjb9hj6UrJuR7wYAj7xsO1jhr0xkFU44o\/8hFeFiXNHCI+pLTCz8KAJOjKNeTJDO\/t57HiP+\/VdFUvfGRqq9Qj9ZY\/VjmveW9Ukq3q90oKtzhVMXupkXuSNjEfAyh8jtjie2FWjVcmO\/y4qP2G4DHZ6Op6e189yoneNLC5Y1N8CFDaENvDSgb7dCfq8u4fGz5ypAsSBhgELumJTBZAZDjcM11DYPYVNMFGghPm2ywhyJNcnZl3lEflLnFY3xyeblXiVYK3BQ5\/JbtzA\/aNDUCD6VGnoiDM9pbWLf2wli3QAr2hAujxbadErbJFdtIamLE+6VtV6tIHw3adO6OpWwaYKHuhYK4egC3qioprvXRuwEdy\/yobKjCGds+QbC3XtgX3sWJu8UJJtUHkz1VmMgTP+EJSvLfZdUvnaVACjhzPo\/RdJbjAGab+axixc73LGV6ik0yI5ytRaams9dRzUYLFoo9g\/k7PzYVNb6td8sNgupb881mED1XASd+t1rUZ92rCOjW4H6aEXktp3w4mIDk+rGbVFKF4qndTk2EjTB1KFgJzCk6c5MRbUtqK+KfiMxv3f9Aw8ppE88NpuTM+V9WFL4Hd7y\/SqqhYfN4KoMV+xvsr6IDLQVMwtLC6YuNAJ7lFsmvw9dWR781VnrpeyEytFpCBDkbSWaIpQ3lvQlfDBiaIm3Wbg6+JQ9UGyEO1Gt2Ailmf\/CAsycwSj3uiL\/BZsctBZWoBdwyXZyEpZQa9iXg68vA3hyhQ5XK8BXfii+QuO++4g7cGh+z0bYJ4tTBf8rGqPO+l+8EH9m1c\/imJa8wz\/WRnCAd5BuEH\/lZDaUNEd6TurtptVBVaapsjbWabR3\/awgNocX2aOvU1QymyysPW\/iOQNA0mRNZevnNDpv7vzmPevkxVoVU4mNFt\/DnY6cxgEO7Wu9bm3WbwMcCxocsfR4gsksEGhmF5W6Q0AyP\/KefWmLWF81vDmzh\/B6l7g+cAvP\/2GUq4VOG+eX6Ev7HS9R+g5k4xxb+Y3OvTE4cRNuJNVCtptwBe2UeIbvt6LIAs+PU5QkCvp4y9\/5BaOw9vo81QT1B2BlmTJsBv3+\/BQwKzSnHNXKUJ5q16XJMrPNdoaHFch59PH2STUqlYDFSHGR3miEIXi+7Ye0uay15qFk17hTwG+1BBgoLhpJH\/xSRrjWLgOfV3wUmq2Z8yqWX0DKw9TUvTxJ0axrZlqprkK0IYaKHFpgSJIfDikPjygiDRcqV2UzlOB8keX3rSsVGR647u98uAYJvzNeg+r1vC7DENsh5\/IQbzlkM1Yf+jZJ4ju3LhZMTcDurtr5O4JcHnUs68qEV2HbLPNbQ2mC9H+lUTzacwHr\/3VN8t2ghBxyvywfdFwBJfifGmDGq10e3kcSWMhSZv1lbSQsigd5mQAa\/nyYR8RPbLkuRgzTyXlgUtzGc4Shpc3JnAxLtl8WNPVmEAWSchKG6rAknWDn0A4lZAQFHl91FvPrBmcyrcQNGMXBjteBOLXGaT2r2eyGVbhUBuo4w86oUmPu2DRoyEZ6RICRPLtHey1xcx0guqhHTIOE32U4h6tooOy5jlagAoHZ8SmxdWYQhXlD2FO2z3Wp6\/\/J7SIvjENQ4a+iZZj\/iPLxvnXuIAJe4ATSEBzsjgdq+NhwDfzy0zh4U9wBZxYnyt9CblAduH8XKocSJDWTDBEfvLnuvWZyVuhWE6ta435gaLuh+wgZ8358ADibKMbI\/zbjVE02chlrXPnEm5qahmhmTSy9FcjphOnssRbwgQ3BeQJXivBLmPzxpRlViLY00wTiQu3oeHkj36\/1sbGIL6S01hLVdNCLfM+G74mkwvl3KnFrAaNiFnF0pEAIUnZjjnMpVUgOmmCtzFYOjY40qDZNrCuP2kr4S9P8tsw\/t251Ao+6KZUUnfiUu3rc5ql2n3lbg\/iXUVzQV9bQIr8CcUXqrOzQyYw4XtzWbxZay8esTn\/Chrqya9NEB0mXvyEf7c08JWEuYZaa+U+KwGVtjle2RSlvLtMUE0+tAPbTLFVvZposwrwQMm+WM1lECud\/pwxOLJn3jCcu2X1s5Hag2r1178quFlCzY1ZHved+WCBPCtPwbECbUsbJFsYkOFo23693JL9X++0EqU6ot80t8LVCF85O8w\/NpaMy3mqFXvdPwaHjEKcKgr\/WveWCjWxk1X743UvOso1RijnnUmw5eLAUo9r8oqXAsuSH0zSwXWkXBH3R9neocr0coF1e55tdgNFFVd5qXXOhrCwMewJ+VDsieK\/2+t3jz7sglFc2p9VoetvnVu8EfSiUQutplEoRmk8cORPZ0NnDTcEEPSDRMD1e2MwY9Vav183COA0zmeNlUd2S0zuFFNR62Bs2t\/29yNDGoMEun385EAao3U\/v618Ec+zWtZLhWmcB4Ubu\/jZhFPd4hfMqJypQc\/hxYKDYBZbIHQgSa\/gb9XEU\/uhaFLf1E9Emny\/QAObpQLd0jh5S3\/0g0PL1bmDUcNmR7MlqAyPMBIJJbCm7maZbDOPZkDM+cTW+l56wP67+EGalBIV8iUNa8UZ3FtfTvhMm5p19\/S\/zS8QLFV+yuqa8Ao26wrEu7qq3USra7TyoOsy8hgEJ9KlsB1fr832K1dx6AhkOvFimCTjWa0ZDKxgdQQo9jx\/inEKCYOb++ffPmSmtQ3fFjauFb+U3quoJKa8HZIc\/\/HOOpduEUQhiBmj0zOwMXf+07WEjY7WIPq5cimcGfkrpENlvxYTw0yLoUzeo0Ec3+TygM1O5oIdHpDdCGLrkvEVNhXrVTibgQlIjaCxW5JGrHhae9CaRAYDnc7\/XJy6rbRt\/x4OXz+YfYtPjJg4\/jvQE3BwQsA9kvkHJV+zazs+RgbzpRfFzNSIjeE1NG3Hkz0CXafcohQ\/yYMIC1kWxrLVGsVcqaAy+2VpuOeCiAAhoLX5cPbkXqkvvuNkNPuo142XzK\/SAyDmVW2H2ymIVXA\/sAh+ezlCTDZ4w4qlaKfd6TIVYeetmExocDbGwrYHjpCxwiX6VIfzwc4QcoUKbEQ6TFrrgSHZWgDrkvNsutNhd3v6T1dCdG4Hkz6CaqRt1tsYZp0mjkSOXdaJ6U8sj\/p9JFf8GfiFlfqH04vOApUKqMllamEwj4+kXvupOz+O3NRBitli91ap3OPHxn\/W587qaes1pRFBrtZ5vpqexJdNMMrHBKMzEiI0ipueo7vbg8FYi18DpXSwCNrIxCOwJf1V9CeG\/If4J48F6fGXpjkxQKqNCdOgNe\/QETkli7FSf4KcWJWjjYIJueGlHPp4mYHXiPBHZjO\/yTRYloiU7sJ7hHpZ5Y\/7JL6zZ88bLY9RBh5lhHYD\/nRTzNLXX9YvpqShimf\/vjJr6rhJ44Z\/KxRG8KilLMLZ8SJHdWeYVYEFTAs1nnktInLVrHUfTlrKM5DYsnOE7Y0tkkgVR2g1EF+HaUE8WgqeLUAk2zPL2+a+Tl3IkQLP8H3+8rHgKRBe3n6yxfVw8q7BifTn8o1nk6\/vTKBTW3BFRT80862dzr4nqU+pFobPkxjP5U7peWpCiqbvfWTmaehUKGgzcem8TixTpiR2YNs50dWDHJAng5qOpy9ykDVIviGUtRL9+GUEdBFfgR3UwywSf9l7a1vyeP\/KoRnJkeeKf\/p6zo3\/hwIVudEeG6qCugaRM12rjo2WfgIdkf8jfx6f4FjwSUr2fzS5ec0bB4wa7QcUbcCDYNKOXAeYwRdfsO06D8AvXH3CDgxFoZ4OunNMV\/pdAOFcRvZCjTduwAqWWGNUrzsG2zrFjdLl2x1yW21WyxIqKNxjt5vdk3N0pt9PKjeDs9Ydnd\/\/FrHW6LF1KxJSC0jv06hO32ocIEwZ17KEBrvE2SeGuyeLHFOW3R\/ArNIw4qXOElC5fsWdMbDyMp6uZuxpq6HwoV0Hif0qZ78gVdjz0Q\/uqwWmFl06NoYdUPYV5NxEmo\/8i\/qYeWKttHonI\/pUDfviDOwdrfYLOgVAvP7vuBpOVF1JIIg5+KqU7D5YWbykb5NbsG6itEbXSgGUVNQfdLsNF1EwzES2Bua9G7T88GBgU0XXp2ACKMg8+r4BbpGA\/HgKSKyi\/tBcNceD83YURFF+8suGJo0hfYtSM9sG\/RXq98ePVKQsQotjvM6pglcAEgyFnyk811a6pdk3Kp94IrlAiM6ZjOTQlWMKIKiS\/FVhnNV37gMj3ECC+RV\/IhY3UfWIBtc5jLY1rLT20hfi4N+g5xycETfAbjsFfYHwtJOUw4dWbQVM6jXptTFGSXe0rrU0tDm4TGOO0Q5Yuo0c+fQI8QXwnl7l0ly8\/s5kfZf0aRd3afgq+ThuULetq9I2Y20vbEwsgo49u7Hyh2m1n0x1xkyAb2+WaQ3gc26FDkk4BttmgOqm15MNjfkobhP8K9zuSkBZpMk2JtmYMdDW2gTGU9psNjTUK4ud32OxaTu7WNOG4xg6K\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Power of China's economic empire: Shanghai skyline at night