The Chinese market has hit a few bumps in the road lately, but the fallout could impact the luxury industry more than initially expected, explains Philip Guarino of China Luxury Advisors.

While all eyes have been on the ongoing crisis in Greece, a possible “Grexit” and a questionable deal with European creditors, another worrying crisis has been unfolding in a far larger market — and one that has been critical to the luxury industry’s spectacular growth over the past decade — China.

In mid-June, the Shanghai stock exchange began a dramatic correction with significant knock-down effects. What does this mean for China and for the luxury industry? Perhaps more than we would like to acknowledge.