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At any given moment, the ship-shaped Louis Vuitton flagship on Shanghai’s Huaihai Road is surrounded by people of all ages taking selfies.
The scene would suggest China’s shoppers are clamoring for luxury once again. Cecile Cabanis, LVMH’s chief financial officer, noted on the company’s October earnings call that even neighbours of Louis Vuitton’s Shanghai ship were happy because the store was “driving so much traffic.”
But beneath the camera flashes lies a subtler reality:…
