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Bvlgari jewelry exhibit hits China
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CNTV, September 6, 2011
With an on-going debt crisis and slowing growth in Europe, luxury brands are flocking to China - one of the most promising markets in the world chalk full of consumers who love their labels.
In the latest display of that shift, jewelry designed by Italy's Bvlgari has been put on display at China's National Museum in Beijing.
The Chinese have undoubtedly become "brand name" conscious. Over the last 30 years, the likes of Hermes, Chanel, and Gucci have successfully lured in Chinese consumers with their luxury goods.
Now, jewelry designed by Italian luxury brand, Bvlgari, is being brought to the public via China's National Museum in Beijing from September 4 to November 3. The exhibit will showcase about 600 pieces of classical jewelry previously displayed in Rome and Paris. This is the first time that the exhibit is touring outside of Europe.
Bvlgari's CEO Francesco Trapani explains they chose China.
Trapani said, "I want to say, take a look at the luxury industry, we were dependent on the developed economies, mainly some European counties and US, Japan. But now and in the near future, the most profitable markets will definitely be the emerging markets, such as China, South Korea, Middle East and Russia."
China is now the second biggest market for luxury goods, with total consumption in the first quarter of this year alone placed at approximately 11 billion US dollars. By 2015, China will account for half of Asia's millionaires, thanks in large part to the nation's unprecedented economic growth.
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