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In China, The Devil Doesn't Wear Prada

  • A woman walks past a Prada store in Hong Kong. Richemont owns several leading luxury watch companies including Vacheron Constantin, Cartier and Piaget, and earlier this month said demand in China had weakened. "Some companies, like Richemont, had a lot of exposure to sectors that have taken a big hit in China this year, especially luxury watches," said James Roy, senior analyst at China Market Research Group in Shanghai.
    1/11

    In China, the Devil doesn't wear Prada

    A woman walks past a Prada store in Hong Kong. Richemont owns several leading luxury watch companies including Vacheron Constantin, Cartier and Piaget, and earlier this month said demand in China had weakened. "Some companies, like Richemont, had a lot of exposure to sectors that have taken a big hit in China this year, especially luxury watches," said James Roy, senior analyst at China Market Research Group in Shanghai.
    AP Photo
  • A customer walks out from a Prada store in Hong Kong. This month, the government jailed a provincial official for 14 years for corruption after pictures of him wearing expensive watches - including what bloggers said was a Vacheron Constantin - became a hit on the Internet, earning him the nickname "Brother Watch".
    2/11

    In China, the Devil doesn't wear Prada

    A customer walks out from a Prada store in Hong Kong. This month, the government jailed a provincial official for 14 years for corruption after pictures of him wearing expensive watches - including what bloggers said was a Vacheron Constantin - became a hit on the Internet, earning him the nickname "Brother Watch".
    AP Photo
  • A woman takes pictures at a Prada store in Hong Kong. "Many luxury clients here are moving away from more loud or bling-focused luxury brands like Gucci or Louis Vuitton, towards things that are a bit more subtle and sophisticated without the flashy logo," James Roy, senior analyst at China Market Research Group in Shanghai added.
    3/11

    In China, the Devil doesn't wear Prada

    A woman takes pictures at a Prada store in Hong Kong. "Many luxury clients here are moving away from more loud or bling-focused luxury brands like Gucci or Louis Vuitton, towards things that are a bit more subtle and sophisticated without the flashy logo," James Roy, senior analyst at China Market Research Group in Shanghai added.
    AP Photo
  • Chinese are seen shopping at a Prada fashion boutique in Beijing, China. LVMH's Louis Vuitton and Kering-owned Gucci, which won over legions of fans with their visibly branded products, have recently moved away from the logo-look and are now offering more upmarket leather handbags.
    4/11

    In China, the Devil doesn't wear Prada

    Chinese are seen shopping at a Prada fashion boutique in Beijing, China. LVMH's Louis Vuitton and Kering-owned Gucci, which won over legions of fans with their visibly branded products, have recently moved away from the logo-look and are now offering more upmarket leather handbags.
    AP Photo
  • A Chinese man walks past a Prada advertisement poster display outside its store in Beijing, China, Monday. Prada is expected on Tuesday to report a 12 percent rise in profit for the six months ended July, largely due to an almost 12 percent growth in sales in the world's second largest economy. Analysts polled by Reuters expect a 321.3 million euros (268 million pounds) profit.
    5/11

    In China, the Devil doesn't wear Prada

    A Chinese man walks past a Prada advertisement poster display outside its store in Beijing, China, Monday. Prada is expected on Tuesday to report a 12 percent rise in profit for the six months ended July, largely due to an almost 12 percent growth in sales in the world's second largest economy. Analysts polled by Reuters expect a 321.3 million euros (268 million pounds) profit.
    AP Photo
  • Patrizio Bertelli, center, Prada's chief executive, speaks during a ceremony of the Prada listing on the Hong Kong Stock Exchange Friday, June 24, 2011. Prada did not comment during its pre-results blackout period and both LVMH and Kering do not comment on their rivals' performance.
    6/11

    In China, the Devil doesn't wear Prada

    Patrizio Bertelli, center, Prada's chief executive, speaks during a ceremony of the Prada listing on the Hong Kong Stock Exchange Friday, June 24, 2011. Prada did not comment during its pre-results blackout period and both LVMH and Kering do not comment on their rivals' performance.
    AP Photo
  • Shoppers walk past a Prada store at Hong Kong's shopping Tsim Sha Tsui district. The shift away from in-your-face luxury brands is most prominent in big cities such as Shanghai and Beijing, where many companies have their biggest stores and where customer tastes are rapidly evolving.
    7/11

    In China, the Devil doesn't wear Prada

    Shoppers walk past a Prada store at Hong Kong's shopping Tsim Sha Tsui district. The shift away from in-your-face luxury brands is most prominent in big cities such as Shanghai and Beijing, where many companies have their biggest stores and where customer tastes are rapidly evolving.
    REUTERS
  • Mainland Chinese customers line up outside a Prada store at Hong Kong's shopping Tsim Sha Tsui district. "Prada really offers an alternative to Louis Vuitton and Gucci from a customer's choice perspective. They are a third choice, an understated choice for people who stay away from logos," said Franklin Yao, CEO of Shanghai-based consultancy SmithStreetSolutions.
    8/11

    In China, the Devil doesn't wear Prada

    Mainland Chinese customers line up outside a Prada store at Hong Kong's shopping Tsim Sha Tsui district. "Prada really offers an alternative to Louis Vuitton and Gucci from a customer's choice perspective. They are a third choice, an understated choice for people who stay away from logos," said Franklin Yao, CEO of Shanghai-based consultancy SmithStreetSolutions.
    REUTERS
  • A woman walks across a Prada store in Hong Kong. Other luxury brands that are doing well in China include jeweller Tiffany & Co., which has benefitted from the rising demand for diamonds among couples, Burberry Group Plc and leather goods maker Coach.
    9/11

    In China, the Devil doesn't wear Prada

    A woman walks across a Prada store in Hong Kong. Other luxury brands that are doing well in China include jeweller Tiffany & Co., which has benefitted from the rising demand for diamonds among couples, Burberry Group Plc and leather goods maker Coach.
    AP Photo
  • A window display is seen at a Prada store in Hong Kong.
    10/11

    In China, the Devil doesn't wear Prada

    A window display is seen at a Prada store in Hong Kong.
    AP Photo
  • Staff members of Prada carry bags during a press conference in Hong Kong.
    11/11

    In China, the Devil doesn't wear Prada

    Staff members of Prada carry bags during a press conference in Hong Kong.
    AP Photo
A woman walks past a Prada store in Hong Kong. Richemont owns several leading luxury watch companies including Vacheron Constantin, Cartier and Piaget, and earlier this month said demand in China had weakened. "Some companies, like Richemont, had a lot of exposure to sectors that have taken a big hit in China this year, especially luxury watches," said James Roy, senior analyst at China Market Research Group in Shanghai.
A customer walks out from a Prada store in Hong Kong. This month, the government jailed a provincial official for 14 years for corruption after pictures of him wearing expensive watches - including what bloggers said was a Vacheron Constantin - became a hit on the Internet, earning him the nickname "Brother Watch".
A woman takes pictures at a Prada store in Hong Kong. "Many luxury clients here are moving away from more loud or bling-focused luxury brands like Gucci or Louis Vuitton, towards things that are a bit more subtle and sophisticated without the flashy logo," James Roy, senior analyst at China Market Research Group in Shanghai added.
Chinese are seen shopping at a Prada fashion boutique in Beijing, China. LVMH's Louis Vuitton and Kering-owned Gucci, which won over legions of fans with their visibly branded products, have recently moved away from the logo-look and are now offering more upmarket leather handbags.
A Chinese man walks past a Prada advertisement poster display outside its store in Beijing, China, Monday. Prada is expected on Tuesday to report a 12 percent rise in profit for the six months ended July, largely due to an almost 12 percent growth in sales in the world's second largest economy. Analysts polled by Reuters expect a 321.3 million euros (268 million pounds) profit.
Patrizio Bertelli, center, Prada's chief executive, speaks during a ceremony of the Prada listing on the Hong Kong Stock Exchange Friday, June 24, 2011. Prada did not comment during its pre-results blackout period and both LVMH and Kering do not comment on their rivals' performance.
Shoppers walk past a Prada store at Hong Kong's shopping Tsim Sha Tsui district. The shift away from in-your-face luxury brands is most prominent in big cities such as Shanghai and Beijing, where many companies have their biggest stores and where customer tastes are rapidly evolving.
Mainland Chinese customers line up outside a Prada store at Hong Kong's shopping Tsim Sha Tsui district. "Prada really offers an alternative to Louis Vuitton and Gucci from a customer's choice perspective. They are a third choice, an understated choice for people who stay away from logos," said Franklin Yao, CEO of Shanghai-based consultancy SmithStreetSolutions.
A woman walks across a Prada store in Hong Kong. Other luxury brands that are doing well in China include jeweller Tiffany & Co., which has benefitted from the rising demand for diamonds among couples, Burberry Group Plc and leather goods maker Coach.
A window display is seen at a Prada store in Hong Kong.
Staff members of Prada carry bags during a press conference in Hong Kong.
Updated


The Devil, it seems, wears anything but Prada in the eyes of Chinese bloggers determined to expose corrupt government officials flashing luxury labels way past their pay grades.

Prada is among a few premium brands reporting solid growth in the world's second largest luxury market even as a government campaign against conspicuous spending and gift-giving hurts firms with instantly recognizable brands like LVMH, Compagnie Financiere Richemont and Kering SA.



Reporting by Donny Kwok, REUTERS.