French luxury firm Longchamp eyes China expansion
HONG KONG (AFP) - French luxury handbag maker Longchamp is eyeing a huge expansion in China despite the country's economic slowdown, its chief executive said as the firm opened a new store in Hong Kong on Wednesday.
The 64-year-old family-owned brand, famous for its coloured fold-up nylon and leather totes, said it was optimistic about the Asian market, especially China, as European economies - its main markets - remain "unfavourable".
"We have no intentions to slow down our expansion plans, especially in Asia," chief executive Jean Cassegrain, a grandson of the founder, told AFP.
He said he had no concerns about China, adding: "The purchasing power of Chinese consumers continue to increase and it is not going to change" even as the Asian powerhouse's economy slowed.