Luxury brands hit by slowdown in economy

Years of rising Chinese affluence in major cities have made global luxury players salivate over the prospect of expensive apparels and accessories.

However, in the past two years, the destiny of luxury brands in China began to look shaky in the face of the anti-corruption and anti-extravagance policies.

The market declined to around 2 percent growth in 2013 from 7 percent in 2012 and is predicted to continue with slow growth in 2014, according to a report released by management consulting firm Bain & Co.