Under the stained glass dome of the Galeries Lafayette department store in central Paris, Chinese shoppers form an orderly line outside the Louis Vuitton boutique for their turn to pick up a coveted monogram canvas bag. Next door at Printemps, shop windows are plastered with promotions for Golden Week, when more than six million Chinese travel abroad and lay out billions of euro for luxury indulgence.
Ordinarily, these scenes would make luxe purveyors rejoice –...
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