The stereotype of the newly minted millionaire draped in labels persists in Asia. But from Northern China to the tropics, the top tier of high-net-worth individuals is beginning to shun conspicuous consumption for brands that make them appear more tasteful and discerning.
From 2007 to 2011, many luxury goods brands in Chinastill Asia’s most important market for luxury and now the world’s second largest economysaw double-digit annual growth. But in a highly saturated...
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