Welcome to Jing Daily’s China Luxury Brief: the day’s top news on the business of luxury and culture in China, all in one place. Look below for the top stories for December 16, 2013.#
1. From WeChat To Peng Liyuan: The Top 10 China Luxury Stories Of 2013#
“With slowing growth, more competition, rapid technological advancements, and changing tastes, this past year was a whirlwind for China’s luxury industry. As GDP growth slowed and more brands moved in on the market, competition increased, creating winners and losers in the growth game.”
2. An Art Power Rises in China, Posing Issue For Reform#
"Eight years ago, as personal incomes here soared, China Poly Group Corporation, a state-run conglomerate that began life selling weapons for the People’s Liberation Army, decided to venture onto another sort of battlefield — the art market."
[NYT]
3. China Shoppers Ring Luxury Tills From London To New York#
"Chinese shoppers often wait for trips abroad, plan shopping sprees to Hong Kong or get friends or specialist "daigou" agencies to bring back luxury items from overseas because they are often cheaper due to China's high import taxes."
[Reuters]
4. Vipshop Bearish Bets Rise On Competition: China Overnight#
"Vipshop, which sells discounted brand-name fashion goods following a model similar to Gilt Groupe Inc.’s Gilt.com in the U.S., has posted annual revenue growth of at least 170 percent since 2010. Analysts surveyed by Bloomberg estimate the pace will slow to 68 percent next year. E-Commerce China Dangdang Inc. (DANG), China’s biggest online book retailer, started holding discount sales of fashion clothing in May."
5. Looser Customs To Benefit Luxury Goods#
"Luxury-branded merchandise shipped into the new free-trade zone in Shanghai could stand to benefit from a reduction in red tape and speedier release of products if customs and quarantine inspection policies in the zone are changed."
[SCMP]
6. Official Extravagance Goes Underground In China Amid Anti-Graft Campaign#
"Asked whether there are many leading dignitaries from government agencies visiting his private lounge, the waiter noted that the eight rules had not affected their business, and the venue has received many high-ranking officials including government ministers."
7. Banquet Operator's Listing Via Placement In The Spotlight#
"In finance-centric Hong Kong, where creative bankers and self-made rich entrepreneurs are constantly offering unique businesses to grab investors' attention, a newly listed company - a local restaurant bidding to become a full-service banquet operator has commanded interest despite its non-financial profile."
[SCMP]
8. LV Boutique Reborn In Beijing#
"If you enter Louis Vuitton's new boutique in the Peninsula Hotel Beijing, the first thing that pops into sight is a shelf where various kinds of bags are placed. In the center is alight violet Capucine bag. The luxury brand has only produced eight of these bags for China."
9. Developing Global Ambitions#
"Peterson Group had managed to keep a low profile for most of its 54-year existence. But that changed in 2009 when the privately run developer was linked to the controversial 39 Conduit Road project in Mid-Levels, a joint venture with Henderson Land Development."
[SCMP]
10. Aloft Hotels Debut In Dalian#
"Starwood Hotels & Resorts Worldwide, Inc. has debuted its Aloft brand in Dalian, the financial center and leading port city of northeast China. Owned by Dalian Yifang Group Co., Ltd., which also owns The Castle Hotel, A Luxury Collection Hotel Dalian, Aloft Dalian is the sixth Aloft hotel to open in China, and holds 314 rooms."
