China's 'label lust' boosts luxury sector
• Designer goods sales set to hit record £150bn in 2011 • Study says Chinese market will grow 30% this year The 'label lust' of newly wealthy Chinese consumers is expected to help spending on luxury goods return to pre-credit crunch levels next year. After last year's "annus horribilis" for luxury retailers, a study from American consultancy Bain & Co today suggested the recovery was now in full swing with sales of high-end goods such as designer handbags, watches and champagne expected to surpass €170bn (£150bn) in 2011. Leading figures in the luxury goods industry have been talking with increasing conviction of recovery and today Santo Versace, the chairman of Italian fashion house which bears his family name, said: 'In the first half of this year we talked about a light at the end of the tunnel. On the basis of the preliminary 2010 figures, we can confirm that positive trend.' Versace also chairs influential Italian luxury goods association Altagamm...