Luxury goods were the currency of Chinese corruption for decades, until Beijing stepped in two years ago to block the flow of fine baubles into the hands of government officials – and stem the flood of profits into the coffers of luxury goods companies.
Hermès, the luxury dynasty best known for its sought-after Birkin and Kelly handbags, is one of the few luxury brands that has prospered despite Beijing’s abstemiousness campaign.
“So far we haven’t seen any impact on our figures,” says Axel Dumas, chief executive of Hermès and scion of the founding family.
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