As the economy cools, spending on foreign premium brands has stalled. Instead, when Chinese consumers do splash out, they're turning to homegrown labels
Predicting the third-quarter will be the worst for the sector in four years, with a 1 per cent decline in organic sales year-on-year, they also lowered estimates for earnings per share for next year
Similarly, Armani's handbags are purchased from suppliers for 93 euros (Rs 8,385), resold to the brand for 250 euros (Rs 22,540), and ultimately priced around 1,800 euros (Rs 1.62 lakh) in stores
