, Columnists
Head to Tokyo or Seoul for the Latest Gucci and Louis Vuitton
The luxury giants are doubling down on Japan and South Korea. That should help offset shopping malaise in China.
Ahead of the trend.
Source: Bloomberg
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Some 30 years ago, the “office lady,” with her Burberry scarf and Gucci bag, was a regular sight on the Japanese subway system. Commuting to work, she epitomized Asia’s leading luxury market, making up about one-third of global top-end sales.
Fast forward to 2019, and it was China reigning supreme for the bling behemoths, with the country’s consumers accounting for 33% of the luxury goods market, according to Bain & Co. Japanese shoppers were just 10%.