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prada handbag tote up 5 percent this year.Designer clothes sales are seen falling 9 percent this year. Watches and jewellery will see sales down 6 percent.China remains the fastest growing major market for luxury brands. However, Durante said companies should not abandon "the mature consumer in Europe, Japan which remains very important" while looking for growth in emerging areas.While companies are reluctant to give out forecasts, some are looking to next year with a degree of optimism."The situation is easier now, even if it is not the moment to make big forecasts," Andrea Guerra, chief executive of Italian eyewear maker Luxottica, told the summit.Luxury goods makers to feel chill of recessionSigns that even the world's richest consumers are falling prey to recessionary fears gathered pace as two big luxury goods makers said demand from Japan and the US for Cartier watches, designer handbags and fine jewellery was slowing.Richemont, the world's second largest luxury company, said on Wednesday that underlying growth slowed to10 per cent in December against 14 per cent for the full quarter as demand waned in the world's two biggest economies.The news sent shares in the maker of Cartier watches and Montblanc pens down 6.65 per cent to SFr58.25. The group narrowly missed forecasts with an 8 per cent rise in group sales to euro 1.67bn $2.56bn.Vespa maker set for Indian returnDelhi leads India's metro revivalCoach NYSE:COH , the largest US maker of designer handbags, added underlying sales in its US retail stores had fallen during the second quarter, down 1.1 per cent. The drop in same store sales in 2007 compares with a 25.7 per cent increase in the holiday period in 2006. Coach said the drop in transaction sizes had been "unexpected".Lew Frankfort, Coach chief executive told Reuters news agency: "My own view is that we're already in a consumer recession."We do need a tax stimulus package," he added, suggesting that this week's 75 basis points cut in the US Federal Reserve's benchmark Fed Funds rate was not enough to boost spending.The picture is mixed however, as people within the Italian luxury goods sector have not yet reported signs of a slowdown, in spite of holding