China's development of native luxury brands will have no impact on the continued expansion of western luxury goods companies there, according to the chief executive of Coach, the US leather goods and accessories brand.
Lew Frankfort said the worldwide economic slowdown was set to raise further China's importance to the luxury goods sector, not just as a manufacturing centre but, more significantly, as a growing consumer market.
While Coach announced in January that it would halve its rate of expansion in North America, reducing the number of annual store openings there from 40 to 20, Mr Frankfort said he was likely to accelerate development plans in China.
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