From June 1 through June 3, Shanghai played host to two exhibitions of internationally famous top fashion brands. The Millionaire Fair, held by Dutch company Gijarth Media, and Extravaganza, sponsored by UK venture Shorex, both chose Shanghai as the first stop of their Asian tours as a testament to the city's importance in the design world.
From 2000 to 2006, China's GDP doubled to 21 trillion yuan, and the national wealth increased 2.5 fold. As a result of this, the consumers of luxury goods in China now account for 13 percent of the total population. In addition, the growth rate for the Chinese luxury goods market in recent years has consistently remained above 50 percent.
Organizers and fashion designers alike hope the events will fuel a sense of pride in Chinese luxury brands and encourage domestic companies to invest the same effort in promoting their products at home as they do abroad.
NE-TIGER – China's No.1 luxury brand
(China.org.cn June 5, 2007)
