Luxury: in 2014 China will be the market leader

According to the forecasts of Merrill Lynch, by 2014 China will have gained 30% of the top-range fashion market (today it holds 11%), Europe will drop to 20% (from the current figure of 26%), America to 17% (from 25%) and Japan to 21% (from 26%). According to the US merchant bank, Russia will maintain the current figure of 6%.

The forecasts were announced during 'Milano Fashion Global Summit', organized by Class Editori and Camera Nazionale della Moda, which was held in Maranello (Modena) on November 18-19.

Growing numbers of tourists will also bolster the increase in sales. According to Merrill Lynch's estimates, the number of Chinese travelers going outside the country could reach 50 million by 2010.

However, in order to succeed in selling abroad, according to Miuccia Prada, one of the participants at the summit, 'you need to understand the country and understand its sociology. And to do that, you have to go and work there. You must also select stores that have been conceived for their specific location, which differs from one city to the next. We are currently thinking of opening a hub in London and another one in China.'

According to Renzo Rosso, founder of the Diesel brand that already produces part of its collections in China, 'Europe is saturated and is going through a general situation of mental fatigue.' At the same time, however, he noted, 'New markets must be tackled with an in-depth study of the country. And of store positioning. We are currently setting up a branch in China and in 2005 we will make our official entry, with two stores in Shanghai, one in Beijing and 15 others in various cities within the next three years. I strongly believe that this is an impressive market and that within ten years it will be the biggest one for all of us.'

In closing, Paolo Panerai, Deputy Chairman and Managing Director of Class Editori, announced that in 2005 the Milano Fashion Global Summit will feature two events, one in Italy and one abroad in a country that 'will be of interest to all of us.'