PARIS : Birkin bag maker Hermes is opening a new, enlarged store in China's Nanjing city, signalling the luxury industry's confidence in a strong return of Chinese shoppers after three years of tough COVID-19 restrictions.
European luxury houses have continued to invest in China, expected to become the sector's largest market by 2025, despite a turbulent year marked by disruptions as the country imposed strict curbs to contain the spread of the coronavirus. Hermes and LVMH both generated around 30 per cent of annual sales in China in 2020, according to UBS.
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Source: STForeignDesk - 🏆 4. / 71 Read more »
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