Sales of luxury goods are hitting hard times as brands such as Mulberry, Giorgio Armani, Gucci, Prada and Louis Vuitton reported sales decreases impacted largely by falling Chinese demand and tougher competition.
However China is still producing more private-sector millionaires than the rest of the world, so the country is still a focus for luxury retailers. It's just that the tastes of Chinese consumers are rapidly evolving, according to the report.
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