Asian lap of luxury

Starting today and running for two days, the conference "Luxury 2004: the Lure of Asia" is this time being hosted in Hong Kong.

The conference is in its fourth year, but this is the first time that it is actually being hosted in Asia. It took place in Paris the first three times. The move to Asia is perceived as a significant rise in confidence in the Asian market, which has already been the world's fashion manufacturer for some time now. The International Herald Tribune's fashion editor, Suzy Menkes, explained that China is viewed as the new centre for the luxury industry. She added that 40% of the world market for luxury brand sales is represented by Asia, followed by America and Europe.

Big names in the fashion industry including Bernard Arnault, Chairman of LVHM, Ferrucio Ferragamo, CEO of Salvatore Ferragamo, Christian Blanckaert, Executive Vice President of Hermes International are attending the conference, according to Randy Weddle, Managing Director of the Asia Pacific region of the International Herald Tribune.