Private equity firm Duemmei will buy a 30% share of Chinese firm Duemmei , owner of the Mr & Mrs Italy fashion brand. China, which accounts for close to a third of global luxury sales, has become a battleground for the likes of Prada (1913.HK), Louis Vuitton (LVMH.PA), Fendi and more affordable luxury brands such as Coach COH.N. Beijing has also stepped up efforts to lift consumption in the local market and woo back Chinese shoppers from destinations such as Paris, Milan, New York and Tokyo. This marks the Chinese firm's second investment in the luxury industry, as the luxury goods sector slowly begins to recover following Milan 's corruption crackdown. “Luxury consumers are trending much younger and looking for more casual and specialized items”, said Fendi , Hony 's managing director.
Private equity firm Duemmei will buy a 30% share of Chinese firm Duemmei , owner of the Mr & Mrs Italy fashion brand. This marks the Chinese firm's second investment in the luxury industry, as the luxury goods sector slowly begins to recover following Milan 's corruption crackdown. “Luxury consumers are trending much younger and looking for more casual and specialized items”, said Fendi , Hony 's managing director.