HONG KONG — Fast-growing China is poised to account for 44 percent of the global luxury market by the year 2020, according to a new report from CLSA Asia-Pacific Markets.
CLSA, which is a bookrunner on Prada SpA’s planned initial public offering in Hong Kong, forecasts the Chinese luxury market will grow at a rate of 25 percent a year for the next five years, and then at a rate of 22 percent a year afterward. This implies a market size of 74 billion euros, or $101.4 billion, by 2020. Consulting firm Bain & Co.estimates China’s domestic market in 2009 was 68 billion yuan, or $10.32 billion.
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