When PPR officially changes its name to Kering next week, under an owl logo, it will become “Kai Yun” in Chinese, meaning “open sky”, a synonym for good luck.

A distinctive identity and a winning offering for Chinese customers are more important than luck for the luxury companies owned by the French group. Chinese nationals bought a quarter of the world’s luxury goods by value in 2012, at home and abroad, according to estimates by Bain & Company for Alta-gamma, the Italian trade body.

But according to Chiang Jeongwen, marketing professor at Ceibs, the business school, the Chinese luxury market is at “a critical juncture”. Big brands, such as Kering’s Gucci and Louis Vuitton (owned by French rival LVMH) are finding it harder to balance desirability and accessibility, following rapid expansion into second- and third-tier Chinese cities. “When you start to see every lady carrying a Gucci bag, you quickly lose the high-end customer,” he says. Government edicts against ostentatious gift-giving have also cast a shadow over some companies’ short-term sales.