Chinese companies realize fastest growth in luxury industry: Deloitte

Chinese companies have realized the strongest growth globally in the luxury industry sector in 2013, while their French counterparts still dominate the sector, said international auditing firm Deloitte in a statement published Wednesday.

According to Deloitte's study "Global powers of luxury goods," the luxury business sales of top Chinese companies achieved a growth of 33.4 percent in 2013 while the global industry growth rate was only 8.2 percent during the same period, said Deloitte.

"Asian tigers stretch their claws on the luxury market," commented the French national newspaper "Les Echos."

Chinese luxury group Chow Tai Fook reportedly outperformed French giants such as Kering and Oreal, after occupying the fourth place in world's top 100 luxury firms.

According to Deloitte's study, three of the 10 largest global luxury groups come from France: LVMH, L'Oreal and Kering, with LVMH number one on the list.

Moreover, French companies managed to maintain a high net profit margin of 11.5 percent, 1.2 percentage points higher than the average top 100. The average profit margin of Chinese companies was said to be 8.5 percent.