style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">Gucci CEO Patrizio Di Marco will not slow down China expansion plans, despite the current economic climate. The company just opened its 28th Chinese location and plans to end the year with between 30 and 32 stores.
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style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">"We're not planning to scale back, especially considering the future importance of this market," Di Marco said in London's href="http://www.guardian.co.uk/business/feedarticle/8544384">Guardian.
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style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">"Chinese consumers will probably be the driving force of the luxury industry in the years to come because of the size of the market and because of easier possibilities for consumers to travel," added Di Marco.
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style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">Di Marco plans for 40 stores in China, compared to 50 currently in Japan and 70 in Europe.
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style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">"Very likely, China will assume the role that was Japan's to be the backbone of the luxury industry," said Di Marco.
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style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial','sans-serif'; mso-fareast-font-family: 'MS Mincho'">(Posted 8 June 2009)
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