(Yicai Global) March 27 -- Global luxury goods  giant LVMH has inked an agreement to participate in the second iteration  of the China International Import Expo, which will take place in  Shanghai from Nov. 5 to Nov. 10.

The Paris-based firm signed a memorandum of  understanding at the China International Import Expo bureau in the  French capital, according to a statement from the CIIE. LVMH owns Louis  Vuitton, Dior, Givenchy, Fendi, Kenzo, Celine and other well-known  brands.

LVMH will showcase its products in the new high-end  consumer goods area, which will include clothing footwear, leather  accessories, cosmetics, jewelry watches and furniture decoration  products. The event aims to help international brands in the sector  enhance their reputation and influence in China.

With a market of nearly 1.4 billion, China is  undergoing rapid growth in consumerism. The world's second-largest  economy is expected to import more than USD30 trillion of goods and  USD10 trillion of services inside the next 15 years, said Sun Chenghai,  deputy director at the CIIE Bureau. China is also a major importer of  high-end consumer goods, accounting for about one-third of the global  market. It has the fastest growing consumption of luxury products  worldwide, he added. 

The CIIE is a major initiative for China to open  its market. LVMH and other French companies will expand exports to China  through the fair, bring more high-quality products and services to  Chinese consumers, and share new results in the development of the  Chinese market. It has become a new highlight spot for Sino-French  economic and trade cooperation, he said.

This MoU reflects the company's high regard for the  Chinese market and the fair, said LVMH Chairman Bernard Arnault. The  first CIIE achieved great success while the second will be more  effective. LVMH will bring its most representative brands and the most  technical products for the exhibition, he said, adding that it will  promote its brand images through product displays and supporting  activities, 

Some 69 French companies spanning the aviation,  pharmaceuticals, industrial manufacturing agricultural products and  food, as well as cosmetics sectors penned deals totaling USD1.6 billion  at the inaugural event. Firms involved included Danone, Peugeot, Sodexo,  L'Oreal, Sanofi, Schneider and Lesford among others.

Editor: William Clegg