The Devil, it seems, wears anything but Prada in the eyes of Chinese bloggers determined to expose corrupt government officials flashing luxury labels way past their pay grades.
Prada is among a few premium brands reporting solid growth in the world’s second largest luxury market even as a government campaign against conspicuous spending and gift-giving hurts firms with instantly recognisable brands like LVMH, Compagnie Financiere Richemont and Kering.
The logos on Prada’s deluxe leather handbags, wallets and shoes are, by and large, low-key and these days, discretion is key in China.
This month, the government jailed a provincial official for 14 years for corruption after pictures of him wearing expensive watches - including what bloggers said was a Vacheron Constantin - became a hit on the Internet, earning him the nickname ‘Brother Watch’.
Richemont owns several leading luxury watch companies including Vacheron Constantin, Cartier and Piaget, and earlier this month said demand in China had weakened.
“Some companies, like Richemont, had a lot of exposure to sectors that have taken a big hit in China this year, especially luxury watches,” said James Roy, senior analyst at China Market Research Group in Shanghai.