With sales totallying more than $2bn annually, China is now the third-largest consumer of luxury goods globally. “China will be like 10 Japans,” said Radha Chadha, author of The Cult of the Luxury Brand: Inside Asia’s Love Affair With Luxury, recently.

It should come as no surprise then that LVMH Watches and Jewellery – which incorporates high profile brands such as Tag Heuer, Zenith, Chaumet and Dior – has stepped up its focus on the area. As part of this push, Jean-Marc Lacave, formerly CEO for the UK arm of the house, has moved to Shanghai to take up the position of president LVMH Watch & Jewellery North Asia.