Why Chinese Shoppers Are Choosing Local Luxury Over LVMH
Chinese consumers are losing interest in heritage European and US luxury brands, instead favoring homegrown premium labels for their distinctive Eastern aesthetic
An artisan works on a Laopu Gold product at its workshop.
Source: Laopu Gold Co.When Bernard Arnault, one of the world’s richest men and chairman of LVMH, dropped by Shanghai in September, many assumed his itinerary would be routine: check in on Louis Vuitton, Dior, and the rest of his empire’s boutiques in China’s most prestigious malls. But instead, Arnault did something unexpected.
He went shopping for Chinese brands.