The reason behind this is to underscore the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. Chinese customers already represented around 35% of luxury goods purchases before the pandemic. According to consultancy Bain, customers are now expected to account for almost half of global sales of high-end clothes, handbags, and jewellery by 2025.
Gucci’s first flagship store, aimed at selling fashion and leather goods collections, is planned to open on 21 December 2020. However, a second store focused on beauty products will launch in February and will be operated by Gucci’s license partner Coty.
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