Soon to grace the Shanghai skyline?

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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