Best-known Italian luxury brands in China

According to a research by Sda Bocconi on 'Opportunities and ways for Altagamma (Association of High End Italian Companies) companies to enter China', the culture of Chinese luxury consumers is changing.

'Until two years ago', Armando Branchini, secretary general of Altagamma, explained to Il Sole 24 Ore 'only menswear and accessories for women were sold. Last year, women's apparel also began to be sold'. However, the typical buyer is still male (80%).

As far as Italian designers are concerned, Versace is the best known, but the 12 luxury brands most familiar to the Chinese (Dunhill and Vuitton are the first) include Gucci and Armani.

According to the research, in order to be known in China it is important to have a presence in neighboring countries. 'The entry gates are Hong Kong, Korea, Japan, Thailand, Malaysia and the United States', explained Stefania Raviolo, co-director of Mafed Bocconi. Because here Chinese who travel, but can't always afford to go to Europe, start to find out about Western labels. Moreover, many of them buy more in Hong Kong and abroad because a luxury product in China costs 20-30% more.

Currently, only 1% of the population can afford to buy luxury items, in the mid-term this should increase to 8%.