Is the shine gone from luxury goods?

Sales of high-end items from foreign retailers in China slowed dramatically last year, necessitating new strategies going forward from brands such as Louis Vuitton, reports Liu Luan in New York

It's the largest consumer market in the world and potentially the largest market for luxury goods.

But 2013 was a tough sell for many luxury retailers in China, the world's second-largest economy. After a 7 percent rise in 2012, the luxury goods market declined to about 2 percent growth, with expectations of similarly slow growth in 2014, Bain & Co found in a recent study.