Slowing luxury sales growth in China is “not a catastrophe, it’s a correction” says Bulgari CEO Jean-Christophe Babin.
In an interview with international business news organisation Bloomberg, during the World Retail Congress in Rome, Babin warns of overstating China’s current slowdown
A decline in the luxury sector began last year when the Chinese central government announced a clampdown on graft and gift giving and was later exacerbated by a sharp devaluation of the Chinese currency which triggered a slump in share prices.
But in the interview – watch it here online – Babin points out that the share price declines have only brought world markets back “to what we all considered a good level last year”.
He said China’s economy is still growing at about 6.8 per cent which produced enough customers to buy Bulgari’s luxury jewellery.
While not disclosing figures, Babin said Bulgari’s July and August figures were “exactly in line with the first semester”despite the currency and stock market realignments.