China
November 2, 2023
The ability of luxury groups to retain existing Chinese customers to sustain long-term momentum will become the most significant challenge. Image: Unsplash
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T0YsvF2OySK1SZ1XdYwNyAZ3q3Fg62IZrQ+kcHv2EaOa2w1fMMUjCh8t1AFsBqFclfSRz40jZo0QFFd3mXiPlg\/qoj9e0P6ZxF0uv2YCcQc5TaqiYvfRVVoPW9mmi92jmM0GYq1EgDf5ryY5ESzCoQmm6FzZrZQd6nEcNo1LP\/I6v7JjgP7HlNN8J3soqbE1dHHaSaLNl99fiB1H8I83mdb2G6mphDQOQiu+ReOUracJpjC60iUIkkGfYto9259dUcRoqlfyDu2jfvDw4s60WUUtJmmYjGo2aunpEtXY\/\/ePA0YqZxPZcLgPLKIJ5vbnfby+sZ+2uV572gj\/5xnXCbeiemCpRV\/6RYCnOjV3TC\/+AdLmy6NkoLa6RRHmOTBvXMaBaou30grZDS7K04+DHEi8cMGvvA7\/e6LMKiafooWJqDo8FtyuzhKVSB5s8GB7wS7kJ6i6S+LfRujSDPtlnMHyEylmucUBCc5P94kbuju5xSoX7ZAiY97dUMEmm1+MUniV0GJ8CxR+jvI\/jA9K0fGfabxZogufyYKiqUwEJ3FzIvb8iKUkr1axS66LFrFFUdU1n6o1GpbM+GVrwPSvUDSqOFqr3NcRYXbvDdVb4uj\/p4IF01xSvZaA1zAIJEoMEqrCUWOMTFgGGKWYhl97PsxTr+\/gdqwg7PoQ7SOgkDBfA9tEA5C+zodTZQ6LI9JDDXqFz8ITam2ThyBnpz+eIjy\/pRO3A5w4uaBhailpMsaEasscP1n2e3VaPjd3bgtAXpCjzY\/K8hDf1AM1N3VUnd8PJSmYLeAT38tssONXubAUA2vfoiBAXElTFsOm\/Mp5c1ybVUObGVxzRDap2ij\/9L3bIylYXs8Z8ksuSb4LvS4vqd00DQYv7FwH\/uxfqvcwFPik6cTEpXgmIRaClSRb2inTE\/yOlGMORwfwOB6PkKeczP\/qI39w75ri254Ajk5Nu7jqPs\/maR7JVbKNhXk1SmuEoFS7mbQjNZ27yD2d3NU03E4\/EdYZtehL85D9A9ulap2xlO0VzNLWoHNEtzkvHF54EiQILN7Kbd\/lwAHaIUp3T5ZDxtkXQiuVW1xideyr2j7EvUz8PvtkccNAt4tGF\/GWPOC2MNgDyn\/e+hGd51tP5f5Wyp8Q8OcAd746aE99SEuKeSNlNzK8lxrM7OB7tXn8xM8w3mBQkhIqFHTNpd7E+8zNqwjPhR6bRVsdGWAA0wReapmAOWRSDDni0R\/AWPFXLcVNhuHibYbzjslM2LbPrIT8g2M7LxKIuwZ5rdUO1CNTZXuic7NqBDLgnzfzARrIazx0UIFqoH787mVJVfXWqQpTInr\/nao282zf141orNkR0E8uKtgWQgaa9LSqfvNReDSL4t3YDRfjop7S55hxXCqCDSvpqo83s4nnwD7kHpdFucmzkb9K0q1t7wrnq83KUnK10W6p5dJ4ktqtrfAac7ozfFDopDNyxb90cRdHg6YF1ff0fsGK7cN7i50axRYlTdb4W7aql6M\/aY72Vs7RcNlwOa3TOvxRBiBazsUEW51\/yExuapa5eZn+TYw\/jbxvJJ8vuWaDRKsCddu4Ayp9HVnKryrKt35pWSe8xNZDEgQGveuqazWKgsUklc7pA3VbQrIG8g0YAIVXEQFnFCXLvzSHkmUUDIMBykuleS8RUSo1MV1o+YB7lSCWwgWJ1ifmQjPOKSYzq1nj7YnZFFFIOLyc+oLRh9xyACnotuhHtE3YF\/g47YmT679f8KshcD0lceDsZVIkcYbu+2GpbjBp+Lr\/lbnmk4SpGB5HEe35+9uoK9vvL284NsOHyryl62X4UcNOEAGEkejcf+bNwEIPTZEtOlSeH7WNCrxnx99uUy0q6tTv83Nh2ZSCZFPBGcj6Wc\/C8b\/8ZJsfU90vWlZ0LIBtiUwpLYbJsVKC0G82ZQAyaIaGQWis0ER5mdAtCHC4yPEgVuhZMCxbS3l9sUIgoCSDJvXDFxZZoOuOz1B\/7GQ4f1tkdWZmgil6sm4jaluQ0apgx8WxzrWC2L4geW+\/H3rDzYrpkDdRgKba8a0GczW93RVl5m0R4bO45RcCR1KKa0yN+WMJwUZLfcQ3HRVjG068TOb5orbGvC7kSpgOT5KNSXJ28EkRYig7MqamnnkpFrqtRv0IqB8BP1paFiwmv6IoWAe6IMZbOr7cwQC56NEnJ5F6\/sepZfuM6vsDDHUjOOQkWd7wu2gOtvX20f69UbEfDVVTp+L1T59QNNmaaM045hexMj2OT9gGEBGeJfBxEeZcRJNdLzI\/Kpt2lEQztjz\/THNezi06KnCoNbp5pT5wJGtd5Y2GrwV2FVg76vxghXv12pF\/Q2e0CtW+LYPz1ht5dJmdaY9t7uwB9hxKi8DYAlO7E9KadglhRu0cnrvr7Wk7\/CjEBoGFiUw9nZoaQyOegTCGUXkvcFu0\/jNJBIZi1gPPgYEtexnG886xPOksUklZYg+EMSUv2xxJsy1cnvnLyqpkLQyOlu4ia2i8Q0iSNYjzHS5Rd8UB31irh+grPtv20X5Es6gNcS2ygMXiZljiscxBtU2RfaJp0YNaA5SU3iQeQ69eft4OHJGulDlFqAETWkJ84a1kOOY8VTLXxF4g3UjUihUEye2CaSBlU82OB31CgiWUrKQgO+eETnAtR3PSBNWEbY61XnGCDI7TlFgJ2A1Y6SOJEsiZrEMD4C18LxEsI96tOY5lTFnr04pppzZ0F8s0ch6XW2+f9who2Gek84rIGJffnr5f71y+LZABZodZwUQMw7Io84FD\/\/yoh1FMVVY1pgkZFRNwVTswUrdw9BKc7vRLg93ORy3yv3maeIgtWu345hzrudWLHOjfLqr\/TFeA6YfQx5WI8xNkxN4eyWKDEFBB87Y8W4n2YqRY12vB1JL2lM8XP7in\/Eev96NOpLpFTqE9upvF3a61nKLqNKPzTZYVT\/EnzZ9+mIhO2yBJfQbvBNZrzToHJKJHcMI9V1iAL7UGgGc2g1xR18ZJ9PnQL3tiP5NDo\/ZQmAf1haNhNDd49Tu9g3c7SyUlABZQTe3sLeq+clEN3Wb9jGhlvgzdy+vCBULgbV+d42UcEKfVpVJLXNaBpsu8shnb\/eBFv\/oZniTorjZFd5fyBJ\/Ah8Z19g6\/mOvs5Ya5ueav2cV1qXZYilxt82t2PcCO\/MoWpDkM5GWWAQz\/7aZPDQmWoZp1KXmcYAmA1P3Xp2QgqvSHtEjs35dcxTTmRkcqFcR+a5yA6uoKLq1oAAuE1ZH2IMLE2T0feZtsd8QNEuDL\/UakfM4\/Y6\/\/GfodUrXV35CR+twYcqtu4HQ4o\/HwtUjIYEe\/2ANNBWz2\/kRO9K\/EE79IvCcmhquXacEG4Bo9mOMg9CM0By4NBj6Y6FQ0ZRqSBFOMMdkgWJm0e+O4mOU6+Ahhw66Lb0XCQ0HUGPwrojRY3l6dU8yfKUE\/fFuSDu6AIXxPu6ID9gK+A\/F2MqwH3oJyHp2GZX0DF07d+S40HTnYfKUtFuVcoeWBqffTDaxDRgXjrixRQtlJTOzPdwQ2e6RSCOrvA741RKyWhWmfW4saN6kFS7LxjWNkyK8shXr0XOkCp1Va0w05+TVPIccbZJ55FmwO9S8u3GOcjM6haSlBCpAcR4\/AGTsWmgdcHCU2c2ozY335YJWSZnM4hpkTdd0eJi\/kgVKWElfolUyqwBWRcBt4O8Lmx43jGi9V9a+vDVhGixVE2slAc8y\/0DLc2t6vXpgqlNfrUh7jsn+h8Zk9UveGV3+BjkUPMv3uJU44+Xmvm73vLibTLq6LgtnMbxRfmVdLJO+ulQUcg34aq5\/Qd+0YUy4FyXUDVLWc98uCGPZcBw8sad8JDz9zTbPUQOD7yHrrQXzRUglL0idyu99PV5bZfoHKgJG+q93nDiIuHD8NU6nkAT0HW9LaOS4S29\/a1ivWs5ZvE85s3\/r8Vh4QpRKExDg8+QmaOzozvWhkolU70BS\/9OuEUZxHFmZ6zfqyVIUAqYM8I+EJ9JQw\/KSaV41VeZc2ePBIrliCvldpwT8kPv8yxnhvNj00yLziSxVkjC0PIBxeOd0iVE5vsbhX+kgwlSqdnx8\/+aPrrVcNlWWSDQZ9SVCN\/qB+7y\/9+rIin5obuCDPUXX67VfkYkCROoojItyDf9pzBroGEgiXDxFIvMzvV7RHdwu3Fal53zlDGCYh+XQWsGCmQaNp4kAL29QvHpuak2geKV9vh+qK2cc8n8NOmkrR7xagkuYms61hVgI0OlUr4zwxk3jGx5CtQQzu1NQzIZQmJJ316t3cFREbI3A50+ZFNlUTD3oDIiwFevkfQbzpwPaVwFNNC6zH6IbLLByXEHbhGAfW48Vwb0tgr8feJ+VwO63fJgR8DMj0zGLAIwVa48nr1GpT33tdGNY1pu9bjb4po1e2q7V5RrahXUjyHy7n3Si9\/oEK\/CV5te8BQd+VXRPRL8XMrkPfrV75EYbqYc9UeannrvJA0aEX9JyXY9hupmkL25zYC2fnactpx2IPxoaCtDllfM4H2n2HCRz6GczbWKQYU7G7urIVCj+K50IFcI+qNsLxzmD2qTs9SYDL1ZfAqs0s8QNiXTSO05DzmQcOScaKCo8ishUKwbYDfeSuMVMtWiE8aCKRE77hDmcEkvT5X85Avv24CqD\/4qsPVzsFssj5V7V7GELQS4Cs6yO3jYu1zYi7tO9RUe3v+UKrqi+8hWV+kc8M5T54achuI8tmnEPoDLdWE3rCSXbIFgJuJv0H3PfjrkKvtekW5c6uUs1sR0D8iIJ2zw59sMAVGmg==","iv":"f5526dab255f45648a9096e724e7aaef","s":"95408e8cc246d25e"}
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