(Yicai) Nov. 8 -- Global luxury groups LVMH, Kering, and Richemont are bringing their latest designs to the China International Import Expo to reinvigorate weak sales in the major market.

Paris-based LVMH is attending the CIIE for the fifth year in a row, showcasing its brands Louis Vuitton, Christian Dior, Bvlgari, Hennessy, Rimowa, and others. Kering, which has participated for six consecutive years, is displaying its Gucci, Saint Laurent, Alexander McQueen, and other brands in the booth. Richemont has also participated in the exhibition for five straight years, bringing seven well-known brands including Cartier, Chloé, and Montblanc to the expo this year.

Jean-Christophe Babin, global chief executive of LVMH's jewelry brand Bvlgari, told Yicai that luxury spending in the Chinese market this year will certainly be lower than last year and the year before but in the next 24 or 48 months, the market will recover.

In the first half of this year, Chinese buyers' luxury spending saw double-digit declines in the domestic market, affected by consumers' enthusiasm for overseas travel and shopping, according to a report jointly released by Boston Consulting Group and other institutions.

Big collectors are taking over a larger share of the market. This year, heavyweight consumers who make up 10 percent of the number of buyers account for 45 percent of sales, up five percentage points from last year, per the report. Spending per capita by moderate and light consumers fell by 17 percent and 1 percent, respectively.

Babin said that in the future, Bvlgari plans to further expand its network in China as Generation Z, born from 1997 to 2012, is becoming increasingly key in the next five to 10 years.

Bvlgari, which also makes watches, bags, and fragrances, has about 100 stores in China. Its local headcount is 1,500 employees, second only to Italy.

Coach, an American brand of clothing, shoes, and bags, is exhibiting for the sixth time this year. Liliana Lucioni, president of Coach China, told Yicai that despite the challenges, she believes there are still many opportunities in the Chinese market.
Lucioni said that Coach currently has 275 stores in the Chinese market and that the brand owned by Tapestry plans to open new outlets.

Editor: Emmi Laine