Last word from the East: The end of big luxe?
Edward BellFCB Greater China
You have to feel sorry for the big luxury brands. Encouraged by years of explosive growth and projections of China becoming the world's largest luxury market, they expanded like crazy, opening dozens of new outlets every year and ever-larger flagship stores. And then in late 2012, President Xi Jinping launched his much-publicised crackdown on 'excess'. Ever since, China's luxury industry has been in a flat spin, dazed and confused, lacking clear direction. Is this the end of the 'Golden handbag'?
The past two years have...