Firm orders French luxury Longchamp eyes expansion in China

French Longchamp luxury handbag manufacturer eyeing a huge expansion in China despite the country's economic slowdown, said her boss, the company opened a new store in Hong Kong on Wednesday. Prada Cosmetic Bags The 64-year-old father brand, known for its color folding nylon and leather tote, said he was optimistic about the Asian market, especially China, while European economies - the major markets -. "Unfavorable" remains "We do not intend to slow down our expansion plans, especially in Asia," CEO Jean Cassegrain, grandson of the founder, told the AFP news agency. He said he had no concerns China, added: "The purchasing power of Chinese consumers continue to increase, and it will not change", even though the Asian giant idle economy. The 400-square-output (4300 square meters) Longchamp second mega-store in Hong Kong is located in Kowloon, one of the busiest on the continent, where Chinese tourists flock to splurge is luxury goods. Cassegrain said Longchamp wants to expand its current presence of seven stores in China - including Beijing and Shanghai - about 40 to 50 stores, but could not have a timetable. "The challenge is to find the right places," he said, adding, Longchamp has appointed popular Chinese actress Gao Yuanyuan as ambassadors to improve the image of the brand in the region. The Chinese economy grew by 7.6% in the second quarter of this year, the worst performance in three years, and disappointing data since feared that the third quarter, the growth could be further weakened raised. In the third quarter, data is on Thursday. Longchamp seen a turnover of 390 million euros (507 million euros) in the last year by 22% a year earlier. China is the second largest market for luxury goods in the world, after the United States in 2017, overtaking France, Britain, Italy and Japan, the consumer research group Euro Monitor in a report this month. Could exceed luxury good sales $ 302 billion this year, driven globally by 4.0% compared to 2011, by demand in emerging markets, according to the report.