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Milano Fashion Global Summit 2010 in Shanghai

2 November 2010 One Comment

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With little American news coverage, the Milano Fashion Global Summit was a huge corporate fashion event that this past week. The only news outlets that I could find information on this particular event were in Italian. I tried using my Google Translator to translate the Italian to English, but I still was afraid of misinterpreting the information. The only two English articles I found that had something to say about the event were on Reuters and GulfNews.

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On what was covered in American Press, Reuters being the only article found. The message that was conveyed was that “China is expected to become the world’s biggest luxury goods market in five to seven years, fueled by increasingly wealthy and brand-conscious consumers.” As China’s economy grows along with the population’s disposable income, they will get to spend more on luxuries such as clothing and entertainment, amongst others. With all this money in their pocket, it is no wonder that China is not afraid of any real economic blow. (This is also because their government has a high savings rate than most others, but we are not talking about fiscal policy). It also seems that because capital, money that is used for investment purposes, is hard to come by, the fashion industry is going to where the money is. According to Bank of America, “75 million households will join the middle-class and total urban consumption will hit 13.3 trillion yuan ($1=6.680 Yuan).” With all this money lying around, can you blame Gianluca Brozzetti, the CEO of Roberto Cavali Group, Michele Norsa, the CEO and Group Managing Director of Salvatore Ferragamo, or Francesco Pesci, the General Manager of Brioni, for going to Shanghai to attend this event?

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No Pictures Of The 2010 Summit Were Found So Fame Appeal Used The 2009 Summit Picture. Please send us a copy if you have one!

Yet, a question of Chinese traditional values should be considered with all this money lying around. Whatever happened to communist China?: The China where everyone is in the same boat. Fame Appeal understands that China has more of a pro-business government than a traditional communist government would, however, if they still held to some of their values, wouldn’t brands not matter? Wouldn’t luxury not be of any importance because it is not about luxury in a truly worker’s state? This has puzzled the Fame Appeal mind, but, that is an issue that we are not the most informed on. However, we can conclude that businessmen of the fashion world are interested in a new market that has money to spend and is willing to spend it: the emerging Chinese middle class. Similar to China’s growing economy, India is having the same economic success as well. Will the 2011 Milano Fashion Global Summit be in India? That would surely be appealing.

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One Comment »

  • Colleen said:

    did you mean ‘in their pockets’ ?

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