CLSA - Dipped in Gold luxury lifestyles in china and hk

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1、!"#$%"#&'(")*+'%,#-,.#/0123%-1(4LuxurygoodsAaronFischer,CFAContentsRegionalHeadofConsumerandGamingResearchExecutivesummary..........................................................................3aaron.fischer@clsa.com(852)26008256TheRedEightandtheChinesecustomer.....

2、......................................4MarianaKou(852)26008190Fromheadtotoe............................................................................36Europeanbrandsdominate..............................................................71Gettingexposed................

3、...............................................................79CompanyprofilesBelle.........................................85Lifestyle..................................101ChowSangSang........................87L’Occitane...............................103EmperorWatch&

4、Jewellery..........89LukFook.................................105Evergreen..................................91OrientalWatch.........................107GoldenEagleRetail.....................93ParksonRetail..........................109Hengdeli.............................

5、.......95PortsDesign............................111HKResources.............................97SaSaInternational...................127I.T............................................99Trinity.....................................129Appendix:Internationalpeergroup..........

6、.....................................131Allpricesquotedhereinareasatcloseofbusiness13January2011,unlessotherwisestatedRelatedconsumerresearch2aaron.fischer@clsa.com19January2011!"#$%"#&'(")*+'%,#-,.#/0123%-1(4ExecutivesummaryLuxurygoodsDippedingoldFastest-growingsegmen

7、tLuxurygoodslooksettobethefastest-growingconsumercategoryinChinaoverthenextfiveyears,witha25%Cagragainstgeneralconsumptionat11%.LuxurysalesinGreaterChinarepresent10%oftheglobalmarket.IfweincludesalestoChinesetouristsabroad,weestimateGreaterChineseconsumerstoaccountfor1

8、5%ofglobalsales.Butweareonlyatthestartofthisgoldenopportunity.Givenrisingincomesandsupportivesocialfactors,weexpectGr