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 industry news from January 17, 2014.#
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Today’s stories:#
Where China's Wealthy Are Headed For Chinese New Year#
"However, Chinese millionaires have quite different travel preferences, according to a survey released yesterday by the Hurun Report. Questioning only high-net-worth individuals, the study found that Australia topped the list of favorite international destinations, knocking last year’s leader Paris into second place for the first time in four years. The United States is likely going more mass—despite its number one ranking by Travelzoo, it dropped down to sixth place for Hurun."
Interview: French Fashion Legend Maria Luisa Makes Foray Into China#
"Maria Luisa first made her name in the early 90s in Paris with her eponymous fashion boutique on Rue Cambon that became a tastemaker destination for the fashion world, providing an early platform for brands such as Rick Owens, Christopher Kane, and Martin Margiela. After a difficult retail climate in the early 2000s forced her to shutter her boutiques, the concept was later reincarnated as shop-in-shops in the French department store Printemps, where she remains as a creative consultant. Now, she has big plans for China."
What we’re reading:#
Davos Teaches China To Ski As New Rich Lured To Slopes#
"While China’s swelling middle class is a target for holiday destinations around the world, the country has been slow to embrace skiing. As the sport becomes more popular in China, Swiss ski resorts are pinning their hopes on Chinese guests, who spend twice as much as German visitors."
Macau Casino Magnate Lui Passes Li As Asia’s Richest Man#
"Lui Che-Woo, founder of casino operator Galaxy Entertainment Group Ltd., remained Asia’s second-richest person yesterday, trailing only Hong Kong real estate investor Li Ka-Shing, according to the Bloomberg Billionaires Index."
Beijing's Corruption Crackdown Is A Boon For Bargain-Hunting Chinese#
"Many restaurants now feature promotions for events ranging from birthday parties—including to celebrate an infant's reaching the age of one month—to students' postgraduation dinners for their teachers. Those occasions can be as extravagant as wedding banquets, with dozens of tables and live music."
[WSJ]
Cash Heifers Are Here: The Luxurious Spending Habits Of Overseas Chinese Students#
“'Some call me ‘second-generation rich,’ but I don’t think I am, compared with those real ones,' she says, citing examples of a Chinese friend who once bought an entire Chanel seasonal collection, and another who burned $6,000 one night on clubbing in New York. 'I have enough to eat and wear, and my family has some spare money for me to spend, but I am no ‘second-generation rich.’'"
[Forbes]
Hong Kong Wraps Up Fashion Week#
"The Hong Kong Trade Development Council organized the events, which ran from Jan. 13 to 16. Collectively they attracted nearly 1,850 exhibitors, including manufacturers of bridal and eveningwear, denim and knitwear. Many of these companies hailed from Mainland China and Hong Kong, although India, Taiwan and Korea also had a significant presence. In terms of business, sustainability and the rising cost of manufacturing in China emerged as key themes."
[WWD]
China Mobile iPhone Packages Don’t Come Cheap#
"As the world’s largest mobile carrier with over 760 million subscribers started offering the iPhone for the first time on Friday, it announced the terms of its iPhone packages. The upfront cost of China Mobile’s 24-month iPhone 5S contract is at least 5,488 yuan ($906)."