Shanghai, birthplace of China’s ruling Communist Party and now home to shops selling Ferraris, Hermes and Louis Vuitton, will host Italy’s high-profile fashion summit, attended by executives from the biggest luxury brands.

The Milano Fashion Global Summit, usually held in Milan, takes place in Shanghai on Friday, organizers said.

China is expected to become the world’s biggest luxury goods market in five to seven years, fueled by increasingly wealthy and brand-conscious consumers.

It is tipped to become the third-largest consumer market by 2015 as 75 million households join the middle class and total urban consumption hits 13.3 trillion yuan ($2 trillion), Bank of America Merrill Lynch has said.