China’s Communist Party birthplace holds fashion summit

Sunday, 31 October 2010 23:46 - - {{hitsCtrl.values.hits}}

SHANGHAI (Reuters) - SHANGHAI, birthplace of China’s ruling Communist Party and now home to shops selling Ferraris, Hermes and Louis Vuitton, will host Italy’s high-profile fashion summit, attended by executives from the biggest luxury brands.

The Milano Fashion Global Summit, usually held in Milan, takes place in SHANGHAI Friday, organizers said.

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.

It is tipped to become the third-largest consumer market by 2015 as 75 million households join the middle class and total urban consumption hits 13.3 trillion yuan ($2 trillion), Bank of America Merrill Lynch has said.

Designer Tsai Meiyue (C) waves to the audience as she is surrounded by models presenting her creations after her wedding dress collection show at China Fashion Week in Beijing October 29, 2010. China’s fashion week runs from October 25 to November 1, and includes 40 shows displaying designs from some 50 Chinese labels. REUTERS

British model Naomi Campbell (L) and Italian designers Domenico Dolce pose with a guest during a party marking the 25th anniversary of Campbell’s career in downtown Shanghai October 28, 2010. REUTERS/

Models present creations during the Chinese lingerie design contest show at China Fashion Week in Beijing October 28, 2010. The Chinese fashion week runs from October 25 to November 1, and includes 40 shows displaying designs from some 50 Chinese labels. REUTERS