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Gucci to freeze China expansion

Gucci says it will not open any new stores in China as luxury loses its lustre.

Parent PPR says it will instead focus on refurbishing some of the stores in its network.

The decision follows an announcement by luxury leader Louis Vuitton that it would slow its pace of expansion in China due to slowing business growth.

Meanwhile, Bottega Veneta, PPR’s best performing brand, still plans to open more stores in China as it recorded good financial results during the last year.

Other luxury brands planning to expand their networks in China include Salvatore Ferragamo, Burberry, Jimmy Choo and Hogan of Tod’s Group.

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