China luxury-goods firms growing fastest globally

Singapore

THE world's 100 biggest luxury brands raked in sales of US$214.23 billion in FY13 - even as the global economy faced headwinds - with China-based luxury goods firms far and away posting the highest sales growth.

Chinese luxury companies easily outpaced their peers with sales growth of 33.4 per cent, said the Deloitte Touche Tohmatsu (DTT) 2015 Global Powers of Luxury Goods report. The figure outstrips the sales growth by similar companies in the US (9.4 per cent) and the UK (11.1 per cent). The seven Hong Kong- and China-based companies in the top 100 were collectively responsible for as much as 11.3 per cent of sales.

Topping the list of purveyors of luxury goods by sales was France's LVMH Moët Hennessy-Louis Vuitton, with US$21.76 billion in sales; Switzerland-based Compagnie Financiere Richemont was in secon…