From Knightsbridge to Pudong. According to the Financial Times, the new owners of iconic retailer Harrods have expressed an interest in opening up in Shanghai. The Qatari royal family – which last weekend purchased the London shop for £1.5 billion – think that the Chinese city would be a suitable location to expand the luxury retailer’s franchise. It’s far enough away from London not to cannibalise sales but is also a location benefitting from a booming luxury goods market. It could be a smart move; in a recent interview LVMH’s boss Bernard Arnault was bullish about Chinese sales. The South China Morning Post paraphrased his remarks thus: “In other words, Shanghai, not Paris or New York, is becoming the luxury goods capital of the world and China is the industry’s most important market.”
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