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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Jaqn\/OCtZQjLlBuk2DjWUffxglgftcIoz6Ql0xwsA1qMh3nwsdsNInU3BhHSIOCXk2RojyezOfbnItrL7+mdp15jW+8z4QwwVjC0mXdwUQvAj3xINTPJdR8x7wCuNmxV22\/yrQLL4aQLKiwm\/RDFQkNCnNo1MCUgd48HHAwznZ879CN0wYNoOdqdMwdpTw5EHHiNffUFgdna\/j1wsSLDBLAx6pLJCSTdAyZEFksl8WnhMH6EfzDfvneTnEsQkGvYrUguuic+KxKgfCBq9rQyvM58ZOAt1to8e146hFb\/JAiCdsPwTD73Qwj3NT7tYaF6qT2PJEsdgVwUeeJE7KO6RhcKpsNmUF6sB8GWmP4KB+uPiUkRSh2D4+Q7alZViBQZU\/XPDPtf9xJeO8l6hCxMS4do0BRJKGx5jONqSuo41ZxujfA4aIUxIAboBA92roboPliMIqKgDF4O7b+adpY1WUcDkNc5hDpYGgrqibcnBGGvAlEKN\/DlzOMXs+AOg05l3p1ggMkpIRK18HJ7j5H2MghYZZ0rHNANRwQmAfZzFE11Zq6\/YWzqG8WQKMNUIP+9BxUOeF7qVaZC\/MQ\/xrP52VlVZY7mWNkpzEpJDYpxc2aEmSkzA25vCy26yYmBUtSQ\/ycwUrq+diTRWlBmh6kkeMGkLl8XUaNz+UEqlyA3+Bmhoxo6Pz+4BfmCy1oiNkBHLQ3qua4Fy1FYMv5j8pPZHzilV1OHwuLPhefDu76212kM6lLXwtgNYP4+meD00AGWJOAMguGnggXO08gwR9vnvaMaokJ5FwDHgEgwP8k2K9EX7MphE1KDOZHbZ4aTC1rEY56ENDKL8dNWqG06ncARdjzoV8jsplYeMl5zedbFmWejlb9nKdmypfqfD3vX0fqiFV+riaJN1mccPNRm3eRf\/OrSWfddsWNlU3Ks5EwEI7tRaBf8AyxGV7VYzrOek2tTl2bvaFWN2uii\/Xg\/xGVuyueg1z646kH\/AfBQxoxfcJOZZ63bCQr9eoc\/tlyJoqQXeCQEpd4KBKbpZAyiDECCidlSuVhxPyXe6sW44xXQgXDRVn6pvx4GmmlLbNjnUFB5dvGbSYW1YIaS0bP4520GGb6k56dJZf3G1IBv7sfArJQESOETd5oCTJcubzjLwRusvehRah1KyNoaPfbrqjbt5CFUYj0YIZft1fRSQVlkWirxF8tZm3\/FZCbW0BbjvXoVpMsFYIehswq4Rq4gH2rXoUoxx+fbKGnojWBJpxKBY\/vP4qX73V1QSZx+kurVs3FlkfMS1lZzf+gEXnO1i8s\/Aao2OYPTNXKitYSz6Mh+CuGFBuYaS2oU5VyhdmXo0L+fhuIki8oQyBdzI7AaOEh4eVWU0eNcqNC+zNmQOQw54FUSPeGk4oYIpLOgFtjrOsToFAHbVryRave2QZUFeoYz1WoWraubw1SKmsEzdFKtek2UbL15kWuSz2fL36LEDEzQwVS\/Viu8BAweS\/j4BduBQIqxNXtLI+3WGKXcOsAGDwHejBp+rz\/a9VC3CqRIdM\/d67Ux+phcmOlcEQOuYVhFP1ryv2N0Pk9HD0jSGJOJNt0wUsf7r5e1XgKANLvtrlFpe0qqhxydDWwqsok3tKahORNO3IKpnJOn2+fk+3RFhtKhCmeFo87mLsJ4lHY\/oi8O7rWydbgfbk4T1xxel3mpwiV+bwASrI4mZIjy3ItRTs0c1SOLsw5CQAezxFfKfuCLB90XQAGd+Hs3N7Y8FQG3lMhvA3Xd8jd+D3yx7xW1fZiC84sbNKH5arypdk3m8bBENAoe\/M76jOpH7sJXFpk19RdPKl98FGapgeTuhhuplXLsJXoxXhGn0YlUHXy8QN4t+0uiwvKFnuXkRej5xi66IaqwO\/GKuW7oQ6EYXnf0IEZQ22q4SwLBtIWVVdI\/OPGsGCb3gXGSHgdvSuP96MSFNJYaKomU5REUhF8DcInudYEV9LMf+6iiKCgYseU6sCBrWKtT5aH04oAo+kNuiMK+1DbM0CkiDbuqjiPVMIo\/A6xSFloB4JGCt\/whP9rm156d8bHtW+xZHzv7+NfitlEDTqyVRm1EE7ZJAYCsrdNnGmWuw9cw7FNUj1tu7z9qv2wlp0LbF6Taabn\/PrjI8RIO\/IqCXkDgmshTEaG3WCxRwTiYks5q0wSvOI9219O0TUcZjqv4WJgJBUtAIxeTLriNCuBothrk6lBkkX0cQfC\/EHX7+gp\/cFiN6cJCXwOEO1EraJtJa1hxnbAhPIu9AhWdF0JjN4Fc7lMbhkkvOxn4ACAmBZRXU8lqkQx7PgQi2oIolfiMvB2awsonNf90XcARaLuFoy04Y6oH1ATWOylaBNyHQXSs3eOjAVaFKvj+AU8bly6OxRQU+6urmM9NuhKblSTx+F5HVzMnzjh\/URH0YlMVLGlBAqw592a7v4YRlMqR1bUPFxaH6TTs6t07HfbAkrebarVGILbsl6PhLYRCGfys1d10q0kHK4AgBHAcVybLVIrz\/xZ9J9Y\/tUEz2GmdWWMd8XK4wjOvtIMMz92qJotc3vpbmvGfMp1KXh+xT43H5MdYNNZ1PSx8nqoPu1kHzuKuLrmVPWHY4U2qYy5TLBfpkl+uu0UA5yGi7CrTgwaVD+dqLHehkqfvkvFdHbJ7h8Gb84CLgIhOpS9HGTWd87ykV1lBDy9pUJCfmJC6bdSPrbYoxzKI85\/LlF89dgMbqDC8ugjtqEQOrWJh\/K1tg7MhpP0uUjRDa7YFpnrUX1EXhxRszIAjHtYfZ9YgQeGP2CBHidmmEo8TUy9tOy8R2BV0ffP1MvyP\/crOTxui1LDPUUUiVQMRpvNkkxFAuC\/szYexwKG1bBH1qx539HD3oRuWAnFoog13yjFO6\/2AmTlJHxgc0epdYWAGMPkY0JnMeW5RctncJ1mscVBLiXdR4s1cjLotmj3i\/f96j6pk+lc1PNeW2usmT4osUvBGcHPniKc9bMbeBkKhvuyXoPAtrygFc6Avq6WqS1bWqQVXQkczdDjC53S+7KDrvJLZPhTK3gWuZMSwHchk7UuJzrJlzmjJy+rx60z6t8MnOhmCMjjRLWO937mR7R\/GxGneptmqS1D\/E\/3M+3XyloACDSPnaoRuJJUWQA8G+epzQPCjQGH5FF+WwrRAGdss2QQUvVETMWypmSGKTR\/3At7oeju6MitT7YCU24NzefXk0gBAuKb8Rx2lVUIDaCWgR3WumvuMFnbFgE\/BV0KJ2KuJMv6FLfysELaL2FFzbnsJfXx1AFu9lmnT01WskIAxhxN+UmpAIlLvnKZP\/TWOdFu6m3RDTo\/qRkW\/Lp9aMYtjKEvd3+bT1DtUnDyf\/npWOLxfulrTHCv6n2xhwmUWOlWGE\/dkypOHqv\/caGeX4XzrTmLjceKOZfSh0hiTbz87ppPLPa1OALhK4vs6ioveSC7238lHcW2mNQ6HBieFQPx\/JgRDEPLwCCZy5o2bz9mtKqRN\/jqrRlGmFtvN+KuuoWLW+44DR5WtnLOFZm9DiF59bWIEly4IGkJd+Eh9ZvD3rBEHcoXG0MK0Z3ACheOb9WdiTh+s7yiJLD+QDUdgHD19mb2VraYVpYEHWcXtIC+tLENdHHjMcn3tqOCZUPuDxA7n\/pzJUbLCCraI0sAQlyboYTIpWziVyqqXO1pfF\/9tRlG8\/sQ6qmZ5zxpVE2pQG8upj4\/a4s1HRWBAEcaxzOHZMjW3xK4bN3XmlOLQQAm\/Z4H968JJtBpeDgAdT6I4ChUgZzbRSuP7vb9hzi5xxmpfXqzKUxN7EGYIknq4ULv2V\/aD6+k0oPypgJltJWO0Ur3vjVF8FtWMhNWtNDv+a30+XcJfrpVlXI82PPzF689KIqIztzeoDqV6EANvSuagFMvXksHvX6DCBnmBDzO67h5TdGkYhGvS2TE\/DSKm5o6z0zgH2ElmWIDi1ZgpLfwYylTJp\/XcLzNAKon\/vIiLiaD2AqsNf58q5k5p42\/LFic2BRlsliApA0diyQXN\/9mH8VxeZpSGhHbCWTPtFiZaA8I1gEo2hgvI18SDESk8d5QkvTaYjLsrBMnvp2FqRyxV+W+kzyDKoyYgcupbQEAzVzH0\/Jn2cPUq2fGNsrfY+RyTcVS3jyNoFuGKOHB2h82DK1M7rxSL2QdXXlHI2YsXCCKuKQRbbiqIvdvETVJVz0iVLsSZuI\/PT1R+U3xGkK3g4yjfa6rkaupQaxnjxqoWO17y1ICLvHIHlDtzOo9hZxCVLCZ3GtgVTzmGCJqr5C5V4F96f+T\/qfJYt8Ktn8ZP23XikyCL9h9wtjtXCvIK6xXYLFuu3+UEh860bTPYllQT04Je3SxlTxgrqK1zLtRBDsAcUYN4H4XxAJC5sxuy9XeXr0rr3JToipZMEbli7uhGKcKgh8UeW+bVp\/XA6pYjnoqTcxzF3KlcRAzHYk5O82wOYClktzlSu4j82ud+DAPgQbn+lTZwdeuw7+FhdRvwAgXsF75a4cLXeU3CGXiR8RqfHgC3uTGoiNVw29CvOgYbueIR3xBEIwbt9EWi33UvEUuGJH\/qyIFUiwpORaExDxW2GOK4ADLk6MKhYgp6EMwCbskAIySENtjdVO7hDz1rkStHDGbm3ARvExpNv7SEqYukxAZeLkp1IE8nRZCMi8JWjI8HxiraHdw3y\/MNrF8CEiqcHSVvAjb5OhNlF\/TlZ0QMWQdI1hpwcMHeVCfMbp7H1WFxP6Fyk8XRvcD+Ww3Z8INuyms0KSU+XlV7a5GeLmSmYTYMQYHZ3yrOBz5XjnS6gfOFXnplFM8UfofGUmekYkPLZZ9vHLmKSOD1qN1IFU1kjmA2oVWLMB6SJG6oQDfofXuwSlljsTbJdFZoiHC4j2dbaMbKDGp3NLv8jL70SxdT6a2AZsNtaqRQ\/yn3Qz6yq9LZwxE0YMMrjom7TnCg+qD3wGfKbT9OFGt2FsaeBbnfkli\/kP7FqnQZiVxUkGsUHmTsSDjCoqf5lkpyEBN4avcx3Ag6fxqHBbi7Dl7166JRggHdci9YIfeWMQ+inzalzmb+TWE\/WUaTRdoEPXxcmip0+0C+5YjPx11Y\/89cK4CThGOLKCeNes+zKsuxBCZYY+aGzJbQAl2Ta+cihT7JVWCYWv+KGqhJLfyJ2t0+xGmTn5sFqr9zPhmUeQYaFAMVTdHxqvZD7ErHh3yboQ\/8f7KPuFR+0YPPAgyYlt6jVwPChUkg3TAASlJfTxpB7GjgwLsd2wcFIMqmlPGPl1hh1mqNaWHXrykF4y6qAtJ4\/r+zq8KlZTIzPnDfmk3xjuZPugyYaya+kvBMicoQnnqH3aDpzuPAwHpyBFactKdMuGPuRH1WrdRdav5M0gym9B\/8cJ0\/3wxZTmStxiWiptxmi6rgkIdDiCALubd4BQbafRlDxHo2e98ViS2\/cwvZ90w==","iv":"2a44a50671a1de847459e805bff482ee","s":"c0c2462928e44f1e"}
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