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Business trends

Hermes, Gucci fear crackdown under Xi's 'common prosperity' push

Luxury-brand shares sink at prospect of losing China's big-spending rich

A woman shops at a Louis Vuitton store in Shanghai. China's wealthy have been major buyers of global luxury brands in recent years.   © Reuters

TOKYO -- Luxury brand houses like Hermes and Louis Vuitton have enjoyed an incredible run in China, supported in part by Deng Xiaoping's "get rich first" policy. 

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