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 November 27, 2013.#
1. From Artwork To Handbags, Luxury Turns To Exhibits For Cachet In China#
Fendi's "Un Arte Autre" exhibit in Beijing. (Fendi)
"Whether through artist collaborations, photography exhibits, or displays at prominent museums, the practice of merging luxury goods with art is a time-honored marketing strategy that allows high-end brands to elevate their image far above that of a standard consumer goods level. This is no different in China, where many luxe labels have been sponsoring a wide variety of exhibitions to boost their brand cachet."
2. China: High-End Luxury Grows More Slowly#
A Gucci storefront in China. Most luxury purchases by mainlanders are made in Hong Kong or overseas thanks to high duties. (Reuters)
"A taste for luxury watches led to the downfall of Chinese official Yang Dacai. The former head of Shaanxi province’s bureau of work safety faces 14 years in prison after being convicted of corruption, a charge brought about after netizens circulated images of him wearing more than 10 different luxury timepieces, including a Vacheron Constantin worth more than £20,000, earning him the nickname 'Brother Watch'."
[FT]
3. Chinese Buyers Of New Luxury Property Set To Fall In Fourth Quarter#
Hong Kong. (Wikimedia Commons)
"The proportion of mainland buyers in Hong Kong's new luxury home market will drop to 20 per cent in the fourth quarter as developers' aggressive pricing strategies lure back local investors and buyers wanting to upgrade, property analysts say."
[SCMP]
4. Meet Vipshop, The Highest Valued Chinese E-Commerce Stock#
"In the battle to win over online customers on Nov. 11, China’s Cyber Monday, Alibaba again upheld its crown in China’s e-commerce space with a stunning, single-day transaction volume of $5.7 billion on its Tmall.com, the biggest online retailer in China."
[Forbes]
5. China Hopes Cities Can Help Boost Electric Car Sales#
Beijing's wait for Tesla is almost over.
"In exchange for actively promoting environmentally friendly vehicles, 28 pilot cities and urban areas will qualify for subsidies the government outlined in September aimed at boosting alternative-fuel vehicle sales. State-media Xinhua said Tuesday that the incentive program, which runs through 2015, aims to push sales to government-related organizations and institutions as well as public-transport providers."
6. Huang Xiaoming Helps Nissan Pull at Consumers’ Heart Strings#
"Hong Kong director Peter Chan’s latest work casts Chinese heartthrob Huang Xiaoming as a successful rags-to-riches entrepreneur who drives a sleek Nissan Teana."
7. Luxury Brands Riding Out China’s Crackdown On Showy Consumption#
"Remy is undergoing a sobering (so to speak) experience similar to the one that befell global rivals Diageo and Pernod Ricard. All three have been adversely affected by the discouragement from on high on government and party officials’ entertaining and gift-giving — premium spirits being a particular favorite on both scores. Sales of high-end watches, too, particularly those made in Switzerland and by Cartier, have fallen off for the same reason."
8. Bentley Not Backing Down From Luxury SUV#
Bentley Continental GTC 6.0 Litre W12 at the Beijing International Automotive Exhibition
"This year, Bentley may reach 10,000 vehicle sales worldwide, consisting of its Continental GT coupe, Flying Spur sedan, and Mulsanne large sedan, which is more or less a limousine. That number constitutes roughly a quarter of the worldwide market for ultra-luxury vehicles and is distributed fairly evenly among China, the U.S., and Europe."
9. Beckham Adds Deal With Luxury Far East Holiday Resorts To Growing Business Empire
#
"Beckham's attentions, however, are on the expanding Far Eastern market. As part of a new partnership, the star will be working with the Macau incarnation of The Venetian and Marina Bay Sands in Singapore, two of Asia's highest profile hotels."
