The "domestic substitution" of luxury goods is in progress
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Barclays' research shows that domestic luxury brands in China, such as LAOPU GOLD, have become strong competitors in the industry, challenging traditional European luxury brands. About 80% of LAOPU GOLD customers are also consumers of brands like Cartier and Hermès, indicating significant customer overlap and substitution risk. An increasing number of Chinese consumers believe that domestic quality has reached Western standards, weakening the market barriers for European brands
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