Developing nation buyers seek luxury brands

Investors from emerging countries are hunting for cheaper luxury brands in Europe as the economic turmoil pushes valuations down, according to Kuwaiti luxury retailer Sheikh Majed Al-Sabah.

As concerns about the economy spread to the normally resilient luxury industry, analysts expect the prices of luxury assets to go down.

"All Europe is on sale. Europe is a bargain," Al-Sabah, a board member of Kuwaiti premier property developer Tamdeen Group, said at the presentation of his TFK fragrance collection before the Milan fashion week.

via Business feed http://www.scmp.com/business/money/spending/article/1046284/developing-nation-buyers-seek-luxury-brands