'The Bling Dynasty' Ruling China as Luxury Brands Dominate

China's expanding middle class is entering a pyramid of luxury and Western brands are cashing in on their cosmopolitan desires, said Erwan Rambourg, author of 'The Bling Dynasty'. Rambourg said Chinese consumers' luxury dreams are fueled by trips abroad as well as on social media. He added that they are moving away from traditional high-end brands like Louis Vuitton and Gucci in favor of more alternative and edgy labels, as well as better values. Finally, Rambourg said he does not expect a homegrown luxury Chinese brand to emerge any time soon due to perceptions of lack of quality.