Ermenegildo Zegna, the world’s largest men’s luxury goods group by sales, is seeing a slowdown in demand from Greater China, despite reporting a 12 per cent rise in revenues in 2012 driven by demand from emerging markets.
The family-owned group is the latest luxury goods brand to report slowing global growth after several years of runaway sales on the back of Chinese demand.
PPR, which will change its name to Kering next month, and LVMH have both posted lower than expected sales in the first quarter. A clampdown by Chinese authorities on gift giving as well as consumer jitters about economic slowdown are seen to blame.
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