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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8CY\/gvPf0fr1PQ2uAti6Oclhq4Mqq\/RnqO5WGsjKI1Pcn6sbGpmWyBZwbMiMbn7gkr3hG+I1ZuaWrGgVLGQY6Wr6GTKdP1h3igb9tB4CZpg3e\/bNUhEtwyJh\/v8KmuIoYY0PpJ4qZtC9xdiWiTi5JXCFy5gVKKp\/tmi2mEfJkaGtNguaZlK0pjjWXZ3\/vSQNdKnV9NDjFIkbyNhzYA1q2jg6V9JLEhCM1F8tLfakw9tk2WKonQ456utogSBj2IIJ6syCalBl8BNZy3NsQqrtRLJAvUJ3G0AK0AFWZ8zTMPZcJfCeuI\/2STW1nvAgQfGMdlwivBuP5f25JA2qcyMSPS3KkXP2geeFngkLXBC\/WIAUnQUbJkxa7\/L+8kuEQO27ChGMc1w9uOS293YZ3ejIIMqel9R6\/ZkXPBZfweAHv\/zgduGuuNr7kkLGuea5LgZ67ZO3pPEu40dJQSsZsMW792wtMz1t8rhkDhYcxCi0Kgpr4zfFWqozMjgRN0hfz6s1WJ59q1enttNWuuxhubSL+4Ek8h3qQiJZsiWgUaSn4BD+0oDbl1wkqLBqi5uPb2ssdrHBQPtZsGYQgiQ5Hh9jSEPbkRICS7ukRU9IdW2aXXJaETlOWrA\/lglefzUx+ojfAnWU+sXsD7My64D+gmoOSWnv4aPoLIxnIsNtOvXJD4bHzh3g6UaJpKedYU513yDZ4LfB8ZAjxXYVX4IOogVKm\/FO4cfKQ5c9LuHFMetVF\/2HAJ5z6RAy+STGMQlhOgJt9dcfGp7Gc8oFE38qddm0qYCxUnZq7\/p\/OsNMX7x2\/QbgYIFGvnITlEc5Xd0it4YV59bkakWz56dhlbIeuNHGECrZiGXJYiLNNyIIEQavwhINB9IxmSsjuRXHfzx7lZN\/0c4gS\/CxF8ANOGLuwLKfcnH+z9dmMmy8v1Xa\/0W66uj4kldftkIICAqgRvdVMs2OqV\/MvCLXZfFEwVO+2V3DWr\/TQ3AjMK63GDNv8Nkr5kM6vBkiGWErAQNmNSK\/i9vf2lEKILiDsvLkQhhVryncjlilnp8pcW0T\/KfWoaLZhKVNV1fMCJDGLxrn2FoT22Nfoaf4wdjkkMxNE+JpxzpinU3xkh1dGl+obeULR3zqpqKC+6MpOBGjs4\/GUXIQPqY6N2fwoy+EOy05\/hrWbnd550yAR\/WEwfvhCyEEt7kah1nqY84EsGXYKQnmDqeLim5k4\/P82frMZY+gdNxsOWYuziYWgqWbCKjI4EVr\/oP7JiLQrfcYBN5WKMp0KIM9j2tiqE0+m5va1CFCYeRkxV4zanOrwOPax5A+Rhy4NMnkznashO1acCAejd6eMXTRQ1aNq3MSuTy8XRMFPejAPwe1YEXOrKTKUV6bssKktYZcKjvNXp3caL7U1C69AQoNWX33PbnbyO0PgUqQkzqqDwRsaXFlR+vjhm+fC8TxRd8PyVlDJy+\/0\/W6wtVf4okBNoN17NfxhQQni2tKL39NxaX\/JcuFKJNmrffatML1xksoUTL5X2ZBVb2X95GggHUK4y1lzvtq9S4SeA7IQ1iWlayTL+lcKGP2GjYHFxf9XiHNWMW+\/ZABVvG70PsCGQGT8aehWqwBNGMi\/YEOGSlfQt+CFUyOOTlw+gtltn+biwQDDIcTb\/JHY0KGs9ezO0X\/voOx5O4PQENbktqAEO\/aSeQnE1MtFAz0bIOQEvKgxfllVtzGTofBtMGhmooPYaIg1pcq8rq3YBlcnKWDg\/HfRwpBzEsArc35y6nxc4pfAXxInQX35Hm0y\/r9hGv0CuvGHvPwLop3qlWBybvCm02cXZEB\/hH4K84mBm5DR+Fr3JAEjBkio\/QIFHoGYA\/OiCdrTr1wEINJKq4zER+exco+iPgAOVTjxCtAzAcWRH5nl1CDSohUJA32PkT6p2Pw+yIWiHEyRkSQitN1oCuAXC3bJL0oTZtlROB3zEKPrQyKkLqm3GY+tSBoUrlTabub3JtcGtnsUjrYjwpG5Ch5+UfWr+ERbmyC2NWUmqCA7DCDd3v4hOW1F2xBYrscxXL6i26Xqo2LlJWsIiwjDM7fqd9oklsSLl9OPNTFiaDF33r66yvgpmurSz1dZgzi224U8OIOWHuhNBTphokvuz5o32D+CEWKcUqgrMjbtB7wgVP6AfUotZ9i0rkEgHEGwMDzviPr9JEbt0Nc43XOHVpNDj71VDyJyU2JWyebGgeZQdzqSnYfuOk2imt6O13RG1PWXsuz0tjxhK9IwtwVrdVWvVJLt4OlhygZJFCenLeUehS4XIFGvOL1oFa5d1KKTep9gk2nO0BD2sTw6w0kzfEDMWKxF10rPa34bGFpCddZvnsp28zIsWIjkoOP+8Lfjk1PcQEcxSMoX+4\/QrTixGZVW9xjr7HP4Bo35OSrUEZ55e1T2102y3qDTOn\/yzyjYP7\/\/QbGdVnAqPhncbXnrbZItTyM5w7uSLQNgnmJDyhmxGHDJAGNqllIMHnBOdtnOb7mJ7FksurdeUgrS4t04eZkZrF9T\/Cy5AwvJDM\/X0Aao2OC\/pwbshZrs9mXdvlJ3SVNp1INNETmyAeyXBMEPuK6CJgKWPz5EWx62Qe4z6wBdfhRaVUIH1Ad0yIELNJts\/0fEZyC8mRVJVy3d5iYYPSjrlDRCiAnfftdIS6WBFOz5IgRN5FY7uPl1NCW680nEaIGnLesIfY1FZ4hRhK16o\/DJG2mHJ3QQvaZAsJnTJZUpfiB5eHWinnkLD6Boxwv8tQEXHzyYaF8Q3ReidmocTdw67yUBc5LCyk2QuIFOpAY\/cU9UUIuEpMzqwRPBTpN72ukLcfEZa8xvvB2EzxXNRnYe2RPaT86G\/eiNFPyc\/FtY9+b3oDHHwAphcSDTocNzJYdRDYW70G4k0Rp1KRbaRb3pLkkyvAz+c6cv172og+RxMQ57RUgjb19CBCTdPiUKEQOoMEjIF+jnnWIugx5mCFXud+9ttr6pbilEMTySRb7Z+JCcZYHTfXzjuAEp6UiV7zro5j44SlGdwXCFlQI\/HWEMy0jazCXrFW8AIaa1+xZwI8z6uRjUQhVTWw1+JrMM6amu9z1aeCk4kcMdfeI\/lX3kRMIFj2qi4Zv2IT5BUUm3tC9xs1jE0Ln+nwfubeqvtQFv1QunqucoLlIeXA2cUORWVgRNk7REbI2FJ5lJsI2pcvFU4+iEcA6pE9guwNh1H9FfGH8rzBA57i4m2QanxasDqwN7wuCOwY2IEjYGAMh9QI8pCBfq6WNMxjxS\/ytKosz\/R7KRxaIhzq64USPJc3aRfacaVGZ4JDaX8M8x83X4YmK9mozKP7cQ5iDif1MJpea8To1f5UiJ\/g3nlBn3DwS+9p+e77nld0moIf1RadzQEArEfuqizhG2DePedyzEUAcLtzB3Pqd9BYvgcxsREnNLLAOuoeDW81Q6HHrf2aWP\/ihPWzMFmmMYPwK830atZanni8NrD+Mv9alrfQ0mukK+0kVzC84jmRRrZmYqhXMDqaMuGBqVS5AMLe+81mLR0ORRsW8A5vI03Zrk269WbZDrK92PhrDGloq60hg8Yct+qflEXnwt6F8ZOtPKtKPztgqAyLlazpwoN8HVqL8rcLhQFI6gLFVMFEql32YOB9vW0FCa68+lrWYZRzRYlCXVIFP8ekCsiC3EF\/nQiTzfcx6G9afCCJCaFlDo7zjmZA6\/XSIfCWN22eov2Y4Uy2GGhyU73Ukm9DGpOEihZnQvLJ4EYWqq3KFk4CgEPVou8r4Ik20HdzoDA56vvpGwQrofYiojGV5rfCcE6GlM6OQkuTdsrwk2aPg\/9+4pMdGk8+yBShZA8M\/sSvvDRjleTp9eMe5I++rsKwe4dbaPN3G0ic\/mVuW60xRgWU8Sldo5Pn7v00WbDWVGU4r9f8FNrLq58sa7ZgrNBZV7zU4eE+w6FLaI\/vg00lM7hvTLpcN9AZAWVJ+n8qNG6m8Fy0j5qoZR014PNfivJTPu1roLNFbh\/nYU0K3HZxesyg6ccLqqw8iBBnrFzA1cBtXdmAq39HV\/OH2GIhbayguM6A3+4IyRj+bd+SkBiD\/qvF\/J0rTV+KBEzJBJArLzJ4culivQdBb9hUmSzSv4FXFhFyIsCc04UzBxJUzXkNr7Py1fE6USR71BQpmEqCWKifhsANJ26T1uDWWasr8wHTzpsWMQ0llB9rL2e5AR83opqGKx3VdsYt4Z35rDgd+jmd0162jefBJrwiwzE3v3b9pmmRaQKuzWschVJpIvbmhmHCuk3UqZHRleNKctfy\/KqrARSeCQUejbzj0YipXzRByrHaEgqIbnbpjcp9aIMe5uNWyYKbLE7KIClQM9Q4YHuKwj9sWHOZwIXiqrfUceCVmCr5SvXOe4Jd\/tLt0ULhW0C+uYiASaKf+Ju4YJqAXWOy2E4Nrp90OB+C1XMIoMTmyW6\/maoXPd5UBCnHI1MFjDuv2XABpGK72FNDVC9DSmRHY+k48\/\/Oy+Zp0e5AAsvE1M1J6eTa3Uxkuk9TqWtoHdborEln\/Sdf8c1t9dystptauuxzm4OSAbyMdQ71E3fXS4if4d76neO0CiqIc0W+5aE5TEK+gsMkKmj6e1ynbMlZaTcP9gLQj8M+naUYgbDoc7jQr98ydFM5GVfU8fbenc+\/jsDW0GYZGzfClT4TP4kZVpojVMLEIGBltIPzJwLR2NIx+OGhRoKzLdtuxog4dV0k+R7AHfK\/uGOqkseuY0WdVGalFsIYS9QeAgvQxKN99jzmMYox7NhvVZztqLLamrvK3iSj8uvnat4AUbzOG23i+yXth9o2H0TPs6kBVyWXaT5QhPVKDdC5pW4ebH\/l5ML39OpAod69xZsD1rQt2rTVoahFaKHJFVL\/ZNp+zzbb8kloMHVkSSpXZPH0gzq6CVd9XpZE6V2bJNH6IAdu+TzYix2BCI5YRQjNFnD6O7oMcJgk+N6AN82g0iYGOxKSvmm5neKfjqV3kK36fhVwCyX3R4uPX8vy\/ZIk1lg0Nhkz+v95a0SMgcQPUmc3hJxF\/l7Qmc6YpgFvdGqfQE6Eakr6LJlFYqzG1n6VuP9uUGaI7NOWYcXqpX3rzyoqes8HVdYLhwBfQdmUX6aiWHS+BkvaY+rMg6+c7ohNLGfqNISDNe5Q2DXyyI18geFcoXuK+br5taAaIKhTWeJIa9muk5lrYXwz2GcJ4u7j4actloU7rtlI6g\/+vEYWBaGlNqOSs2XcHMczObctnuI3eaoCpJ+xIctDwVMhuGMrAAlxupYdO2kvbGPWaoK\/xTf6DVikYr7YdElBlrEGpfoobqpXOt7yLWnhI+fIKbf2WNkbYeAZ3XEZ+4SSiNrFcgn4NnAUXHnJHgButIvlnloJoY3pUGfFPsIcMtA9nGc5toDLcYFrLQ2h8fKahmgS5ZnzUxUlt08JPxSHiuc6FWCaVbeXItGaQ==","iv":"d08893fd141610136936046fa171cc99","s":"82b22f344812e500"}
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