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SHA

091102 China luxury market study 2009 Press CN_V2

2

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

0807 0908-8% +2% +10% -10%

167B5%

153B6%

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13% 12%

15% 12%

32%

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2008

091102 China luxury market study 2009 Press CN_V2

3

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

( )100%

86

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2008 2009 - - - -

80

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2009 2009 6

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0

SHA 091102 China luxury market study 2009 Press CN_V2

4

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

5

(2008 )100% 20 21 10 9 6 5

864 11

80

60

40

20

0

/ Altagamma SHA 091102 China luxury market study 2009 Press CN_V2 5This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

2008 40% (2008 )100% 203

80

( ) 116

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60

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20

0*/ (=1,410)Euromonitor

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091102 China luxury market study 2009 Press CN_V2

6

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

2009 0950% 40 30 20 10 0 25% 20% 18% 13% 12% 11% 10% 9% 43%

5%

06 1

2

3

10

5

4

8

6

9

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091102 China luxury market study 2009 Press CN_V2

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This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

32009

1 =1410

2

3

SHA

091102 China luxury market study 2009 Press CN_V2

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This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

2009

( )100

B

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This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

SHA

091102 China luxury market study 2009 Press CN_V2

10

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

1

2

3 4

/

SHA

091102 China luxury market study 2009 Press CN_V2

11

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

1

100%

100%

80 60

VIP

80

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2005 40 20%20

40

20

0

2008

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SHA

091102 China luxury market study 2009 Press CN_V2

12

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

2

/ 2008 ()3,000

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7878

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20

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2005=1410SHA 091102 China luxury market study 2009 Press CN_V2

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This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

2

/

/ /

SHA 091102 China luxury market study 2009 Press CN_V2

14

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

3

60%2006 2009

C2C // 100%

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2020

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15

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091102 China luxury market study 2009 Press CN_V2

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

4

100%

100%

80 60 40 20 0

80 60

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2008

2009

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SHA 091102 China luxury market study 2009 Press CN_V2

16

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

SHA

091102 China luxury market study 2009 Press CN_V2

17

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

A

B

/ SHA 091102 China luxury market study 2009 Press CN_V2

C

D

E

18

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

SHA

091102 China luxury market study 2009 Press CN_V2

19

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.