China controls on “daigou” are worrying the investors of the luxury groups listed at the stock exchange. The habit of Chinese tourists buying luxury goods in Europe and South Korea to resell them at a profit when they return in Greater China was a key asset for luxury groups revenues.
Many luxury brands and groups forced to a hell of strenuous double-digit growth turnover focused obsessively the sales on Chinese customers. Everywhere in the world.
Las Vegas boomed thanks to gaming and shopping.
Galeries Lafayette even opened a Chinese restaurant in its premises to lure the Chinese customers unwilling to savour the French cuisine. Other department stores went even further in organizing an impeccable logistics in term of personal shipments to China.
All the luxury stores outside China hired Mandarin-speaking sales assistants. Tour guides specialized in outlet trips.
No more than twenty years ago every brand used to have strict number of pieces limits for purchases in store for customers and for employees.
Then the Gold rush started.
Unconcerned of the risks.
Unwilling to remember the Vuitton history with the Japanese customers.
Trying to keep a foolish growth pace.
Soundtrack “Living on the edge” Aerosmith