Global luxury brands again chase China’s young, rich and spendthrift

The biggest brand in China may still be Chairman Mao. But he’s got serious competition. China’s millennials —  even in second tier cities — are embracing luxury brands at a rate that would have China’s No. 1 communist rolling in his mausoleum. Major brands are now opening new stores outside of the big cities of Shanghai and Beijing to capture demand. Chinese buyers spend more than $73 billion US annually on luxury. And that number is growing. Read more . . .