Using the Internet

Frenchman Alexandre Misseri started 88 Brands last year as an effort to use the Internet to reach out to the young Chinese urban consumer. 88Brands.com sells ''affordable luxury'' brands such as Lacoste, Esprit, Chloe, Hello Kitty, Levi's and Nike that appeal to Chinese urban youth, adapting the French retail practice of ''Private Sales'' for the Web.

French luxury brands started the practice of holding exclusive ''Private Sales'' events to sell their overstock at high discounts while at the same time preserving their high-end image. At these invitation-only events, brands like Louis Vitton would sell their overstock at a 90-percent discount. 88 Brands does exactly that, but through the Internet, and with more affordable brands that particularly appeal to the urban, female consumers aged 25 to 30.

''In China in particular, it is very important for a company to very closely match your product and the needs of a consumer,'' Misseri said. ''There is no point in trying to sell LV bags to a college student. People like selectivity. And they also love a good price. That's what makes this model work.''

Misseri says since the Website was launched in June 2007, it has expanded quickly as it now has more than 150,000 members from all across China. Interestingly, the members are not restricted to Beijing and Shanghai as Misseri says the Website has significant patronage from medium cities.

Misseri believes that number is set to grow even more rapidly because of the financial crisis. ''The crisis is actually good for us,'' he says. ''A financial crisis means more overstock, and more consumers looking for bargains.''

Another IT company that is not complaining too loudly about the financial crisis is Indian IT education services firm NIIT. The firm, which offers a range of IT courses for university graduates, made a name for itself during India's IT boom, educating close to one-third of Indian IT professionals with its uniquely industry-oriented training programs.