Global brands in China: The latest changes to note

Global brands eyeing the vast China market have to take note of how much the Middle Kingdom has changed over the decades – LVMH’s Andrew Wu lists the key trends and developments.

When China started clamping down on corruption in 2013, it marked a turning point for the nation, Andrew Wu, LVMH group president of Greater China, said at the recent WFA Global Marketer Week.

"Much of the high-end consumption prior to that was through gifting; people who got the goods did not really pay for it and it was part of business transactions," explained the luxury empire executive. "2013 was the beginning of a dramatic change, so