Ask any seasoned luxury-goods executives what excites them most about the future of the category, and they will undoubtedly launch into a lengthy discourse on emerging markets. For some, China holds the most promise, with its double-digit yearly growth and the expectation that it will surpass the U.S. in luxury-goods consumption by 2015. For others, India's youthquake and its established cultural affinity for luxury mean there is enormous potential for growth. Then there's Russia, where newly minted millionaires pay top dollar for everything from Breguet watches to Bell helicopters. In this, the first installment of a four-part series, TIME measures the...
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