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Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet.
The established luxury brands in China have hit the perfect storm. At a time when Chinese high net worth consumers are tiring of status quo retailing, a government clampdown on graft and corruption is pushing buyers even further away from the flashy logos they once coveted.
The luxury store will compete for affluent Chinese consumers’ growing discretionary spend.
Police in southern China’s Guangzhou seized over a billion yuan ($163 million) worth of counterfeit Louis Vuitton purses and handbags recently.
