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 January 8, 2014.#
1. Chow Tai Fook China Sales Flying High Thanks To Angry Birds And Gold Bars#
"Gold is an auspicious color in China, and it was a profitable one for Chow Tai Fook over the past year: ever since gold prices started plummeting in March 2013, Chinese consumers have been taking advantage of the investment opportunities by rushing to the nearest jewelry store to stock up on gold bars and coins, driven by a strong inclination toward investment in hard assets."
2. L'Oreal Halts Sale Of Garnier Brand In China#
"The Garnier brand accounted for only slightly more than 1.0 percent of the 1.5 billion euros ($2 billion) in sales that the L'Oreal group recorded in China in 2012, which made the French company the top player on the Chinese market with a 17-percent share."
[AFP]
3. Bentley Sees Steady Luxury Sales In 2014#
"Sales in China accounted for 22% of global deliveries but were down at 2,191 vehicles from 2,253 in 2012."
[WSJ]
4. Sunac Sees $11 Billion China Home Sales This Year On Rich Buyers#
"Sunac China Holdings Ltd., the Chinese developer in which buyout firm Bain Capital LLC has a stake, expects to sell 28 percent more homes this year than in 2013 even as property curbs in major cities are tightened."
5. Why Apple's 'Champagne' iPhone Isn't True 'Tuhao Gold'#
Not gold enough for China's newly wealthy.
“'Is it for flaunting wealth, signifying identity, or provoking controversy?' asks reporter Zhang Zhongguo in his article. 'I want to share the point of view of the tuhao—mainly, what type of person actually buys this type of luxury phone? What exactly are they doing?'"
6. Yiqing Yin Named Leonard Creative Head#
"The Chinese-born designer succeeds Raffaele Borriello, who left last fall after three seasons at the house. Leonard has seen a revolving door of designers since the departure in 2011 of Véronique Leroy after eight years at the helm. She was replaced by Maxime Simoens, who lasted just one season."
[WWD]
7. The Changing Face Of Chinese Overseas Investments#
"Overall, Chinese investment in the US doubled in last year, driven by large-scale acquisitions in food, energy and real estate, according to Rhodium. Among them private firms started to take off in investment - accounting for more than 80 percent of transactions and more than 70 percent of total value."
8. Tishman Speyer Doubles Down On China#
"As foreign developers have raced to participate in the Chinese growth miracle, few have been more aggressive than Tishman Speyer Properties LP, which has invested some $3 billion since 2006."
[WSJ]