In the lap of luxury

Andrea Illy, chairman of the Altagamma Foundation, says the video is tailored to improve the "engagement, image and reputation" of Italian luxury. [Photo provided to China Daily]

He recalls when he first visited Shanghai he could not even find proper socks, but this, he says, is no longer the case.

He adds that though China's luxury industry is experiencing a slowdown due to a campaign against extravagance and an economic slowdown, it is in fact entering a new era.

Explaining his point, he says: "No economy can survive for long only on exports and public expenditure. So, the main driver, at the end of the day, has to be internal consumption. And that is what is happening in China now.

"So, what I am saying is the very opposite to what is generally believed－that is China is entering a very positive phase in its economic cycle, which is of internal consumption. Now, disposable income is growing and consumers are getting more drawn to quality products and services. So, this is the moment when luxury businesses will find solid growth."

Contact the writer at sunyuanqing@chinadaily.com.cn