Success stories in the world of luxury goods tend to be companies with significant sales in China, while brands that rely on traditional European consumers find themselves lagging, writes Rachel Sanderson in Milan. Salvatore Ferragamo, the Italian shoemaker to Marilyn Monroe and Judy Garland, this month reported some of the strongest revenue growth in the industry. Operating profit is up 80 per cent, and Chinese shoppers account for 30 per cent of its business.

To appeal to these new consumers, Ferragamo has adapted shoe sizes and created brightly coloured clothes to suit Chinese tastes.

European luxury goods executives report that shoppers from China home in on goods labelled made in Italy, made in France or, for watches, made in Switzerland.