New magnet for luxury goods

To meet rising demand for the newly affluent Chinese, haute fashion houses such as Prada and Giorgio Armani said at a luxury goods conference last week that they are opening more stores in China, while considering moving production here, according to media reports. Although China, Taiwan and Hong Kong together represent a small fraction of its sales, Armani's is adding stores in major cities like Shanghai and in lesser known ones, such as Shenyang in the northeast and Chengdu in the southwest.