Year upon year of double-digit economic growth and urbanization has armed tens of
millions of Chinese consumers with increasing disposable income and a voracious
appetite for luxury goods. In 2009, China surpassed the United States as the world’s
second-largest luxury market, trailing only Japan. However, while several prestige
brands have been operating in China for almost 20 years, most are still trying to
determine how to best tap this enormous but complex opportunity.