Chinese consumers account for between 33 and 35 percent of all luxury goods bought in the world in value terms. The Bain & Company consultancy predicts that share will grow to 45 percent within five years.
LVMH, the world's biggest luxury retailer, says that its net profit jumped by 13 per cent from 2018 to $7.89 billion (7.17 billion euros) .
LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer.
The company’s Swiss-based Luxury Goods International subsidiary has been under investigation for allegedly avoiding tax on earnings generated elsewhere.
Valuables including a Louis Vuitton bag, 11 luxury watches, various items of Cartier jewellery and 10 glasses studded with diamonds and pearls were stlen from the star's hotel room.
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