Italian designer fashion giant Versace announced yesterday plans to make China the focus of its development with an investment of12.5 million US dollars next year, Taipei Times reported. "It is a huge sum which represents about 40 percent of our total investment," said the paper, quoted group chief executive Giancarlo Di Risio, as saying. Versace has been present in Asia for some 12 years and currently has one store in Beijing, one in Shanghai and three in Hong Kong. The company is planning to open nine more shops next year -- seven in China, one in Hong Kong and another in Macau.The number of franchises should grow to more than 30 in China by next year. According to global market research firm Ipsos, China is the third largest market for luxury goods in the world, accounting for 12 percent of the global sales of luxury products, behind Japan's 41 percent and the US' 17 percent. By 2010, 250 million Chinese will be potentially able to afford luxury products, which is 17 times more than today’s number.