Hong Kong is bracing itself this week for a French battle of the handbags, as Louis Vuitton and Chanel vie for the limelight with grand openings that underline Asia’s growing importance to the fashion industry.

On Wednesday, Karl Lagerfeld, Chanel’s pony-tailed designer, will attend the official launch of a moveable museum before it heads off on a world tour of fashion capitals. Housed in a 700 sq m structure designed by architect Zaha Hadid, the Mobile Art Museum – which looks more like a spaceship than a fashion gallery – brings together 20 leading artists and their interpretation of the classic Chanel handbag.