This Day, That Year

Louis Vuitton opened its first store in China in 1992.

The item from July 20, 2012, in China Daily showed members of staff at Luis Vuitton preparing for the opening of its Shanghai store, its largest in China.

As the label’s first “maison” in China, the store offers made-to-order women’s bags, and belts and leather shoes.

But after more than 10

This year marks the 40th anniversary of China’s reform and opening-up policy.

years of aggressive expansion in the country, the French luxury retailer has been shrinking its physical presence to adapt to a cooling market and changing shopping habits.

In 2015 and 2016, at least seven LV stores were reportedly shut across the country.

In July last year, the French luxury retailer launched its official online flagship in Chi-

The newspaper and beyond

na to expand its presence and capture younger customers.

According to global management consulting firm Bain & Company, global luxury goods purchases by Chinese shoppers jumped 12 percent last year to $104 billion. Chinese consumers accounted for 32 percent of global luxury goods purchases, up from 30 percent in 2016.

Chinese investors are also eyeing renowned but struggling international fashion brands in an effort to cash in on luxury-savvy and global shopping Chinese consumers.

In 2013, Fosun group in Shanghai bought a 35 percent stake in

Italian high-end menswear maker Caruso, marking its first investment in the luxury sector in Europe.

It is set to acquire a majority stake in struggling French fashion house Lanvin, Reuters reported in February.

Early this year, textile manufacturer Shandong Ruyi stepped up its global acquisitions with the purchase of Swiss luxury clothing brand Bally.