The Philippines are now "driving Asian growth," along with five other Southeast Asian countries, according to Bain & Company's May 2013 update to its Luxury Goods Worldwide Market Study. Luxury brands like Bulgari and Louis Vuitton are selling well in the country and Store Specialists is opening free-standing stores for brands including Armani Exchange, Gucci, Prada, Debenhams and Zara. "[T]he potential for growth in this segment within the Philippines is now tremendous," said Carla Sibal, founder of Filipino lifestyle magazine Spark.

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