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Comite Colbert, the French luxury product group, is holding an exhibition in Shanghai, showing it believes China now has a large market for luxury items.
More than 50 Comite Colbert member companies are participating in the event, which is being held at the Plaza 66 shopping centre until next Monday.
World renowned brands, such as Chanel, Louis Vuitton, Remy Martin and Hermes, will all be showing off their products.
Olivier Mellerio, Comite Colbert chairman, said he hoped a similar exhibition will be held in Beijing in the near future.
He said more than half of the group's 69 members have business links with China, and that the other half are seeking opportunities here.
French luxury goods are in one of the most important sectors in France, with well-known names in areas such as silver and bronze, fashion design, crystal, leather, publishing, decoration, hospitality and fragrances.
"French luxury goods embody values which are gradually becoming more and more important to Chinese people, with their strong desire to improve the quality of life in line with China's rapid economic development in recent years," Mellerio said.
The truth of this comment can be seen from the booming number of luxury boutiques across China.
Louis Vuitton, which first entered the country in 1992, has opened 12 boutiques in 10 cities. The firm is expected to open a "Louis Vuitton House," a giant store in Beijing, in the middle of this month, Serge Brunschwig, director-general of Louis Vuitton, said.
Chanel so far has opened two fashion stores and over 50 cosmetics counters in China, recruiting 2,000 staff.
Francoise Montenay, president of Chanel, said the firm has maintained double-digit growth in the country.
Statistics from Ernst & Young indicate China is the world's third largest luxury goods market, with more than US$2 billion in sales annually.
The market is expected to grow 20 per cent each year until 2008, and 10 per cent annually until 2015.
It is estimated that 175 million, or 13.5 percent of Chinese people, are able to afford luxury brands.
Comite Colbert held its general assembly last week in Beijing, the first time it has been held in a non-European city in its history. More than 40 company presidents attended the meeting.
(China Daily November 2, 2005)
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