The IHT shifted the conference to Asia, holding it in Hong Kong early this month and headlined it 'Luxury 2004: The lure of Asia' in recognition of Asia's growing demand for luxury brands.
Dickson Poon, group executive chairman of Dickson Concepts (International), which owns London department store Harvey Nichols, is a part owner of S.T. Dupont in France and runs over 390 retail stores in Asia, highlighted China's vast potential as a luxury goods market.
"With a population of 1.3 billion, an ever-rising number of upper-middle class as well as ultra-rich, and a retail market projected to be worth 428 billion euros by next year, China must be the sweetest music to the ears of all luxury brand owners and operators." he said. However, both Poon and other speakers also highlighted rampant counterfeiting and the Chinese Government's tight hold on media and press as key challenges facing luxury brands. Loke Khoon Tan, partner at law firm Baker & McKenzie, described counterfeiting as "flattery of the worst kind".
"There is only one word to describe counterfeiting in China today: endemic," said Tan. "Like the Sars epidemic, it is serious and deadly to your business."
Other speakers at the event included David Tang, founder and director of Shanghai Tang; Paul Smith, designer and chairman of Paul Smith Ltd and Santo Versace, president and co-chief executive officer, Gianni Versace, while Suzy Menkes, fashion editor for the IHT, chaired the event.
To coincide with the conference, the IHT launched a Luxury supplement with coverage of luxury fashion, travel, shopping and motoring.
Fifty thousand copies of the supplement have been distributed around Hong Kong and China via newsstands and subscription, as well as distribution to restaurants, airlines, hotels, residential complexes and offices.