Retail in Asia

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Designer shoes set to walk all over handbags as belts tighten

The next "It" bag may be a shoe. As some customers struggle to justify spending thousands of dollars on Hermes Kelly or Chanel 2.55 bags, shoes such as Jimmy Choo gladiator sandals are set to become a faster-growing luxury, according to estimates by Euromonitor International.

Having trailed bags in the five years before and during the recession, sales of luxury shoes will rise 20 percent in the four years to the end of 2013, compared with 16 percent growth in handbag revenue, a study by the research company found.

High-end shoe sales may accelerate fastest to the end of 2013 in Malaysia, Russia, Canada, the US and South Korea, with growth being split equally between men’s and women’s footwear, according to Euromonitor forecasts.

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