Luxury goods are the new consumer 'staples' for Chinese consumers, according to Raphael Pitoun, portfolio manager at CQS New City Equity.
, Pitoun said LVMH's experience growing the Bulgari brand internationally would make it a good match for the American company.
In particular, he highlighted the growing opportunities in China for dominant companies in the luxury market. "On the luxury goods side, when consumption slowed down a bit in China, there was kind of a catch-up effect after that which is very strong. It looks like luxury goods are a bit like the staples of China," he said.
"There is a very strong appetite for international brands in China, and when the cycle is a bit difficult and people don't spend that much on luxury goods, when the cycle improves afterwards, they tend to rush into stores or online and buy more and more."
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