The world's biggest luxury brands seeking growth in their second-largest market — China — are all courting the likes of wealthy entrepreneur Diana Wang.

Shanghai-based Wang, an investor who also owns a namesake fashion label, is an avid collector of fine jewellery who regularly shops at Cartier, Tiffany and Chopard, among others.

She is also what luxury companies call a VIC, or very important client, a segment of the market they are increasingly targeting as China's post-pandemic economic slowdown dries up the spending power of the once-aspirational middle-class that for years generated the bulk of their revenue growth.