China Daily reports ;Pressure is mounting for luxury companies to find their niche and establish their credibility, as the market continues to grow in sophistication and witnesses an influx of new businesses entering the sector, the latest KPMG China report revealed.
"The challenges facing new entrants to China's luxury market are intensifying. The market has become more crowded, as indicated by the rising number of luxury brands recognized by consumers in China," said Nick Debnam, partner in charge of consumer markets with KPMG China.
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