A 2009 image of BMW's "China Culture Journey", which was profiled on China Daily today. (BMW Brilliance Automotive)
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. Check out today’s stories below:
Business and Finance
Xinhua takes a shot at foreign luxury car companies.#
The EU trade spat isn't over yet: Xinhua recently argued that "Foreign carmakers are reaping exorbitant profits selling imported luxury cars in China and should face an anti-trust investigation." Meanwhile, wine companies are faring better as China and the EU have agreed there is a “window for discussions”, according to SCMP .
Former World Bank Chief Economist Justin Yifu Lin says people should chill out when it comes to China's economy.#
"'Many people are pessimistic about the Chinese economy,' said Mr. Lin, who was speaking at a press conference with several reporters organized by the Chinese government’s International Press Center. 'So far none of the doomsday predictions have been realized.'"
Fashion
Louis Vuitton opened a new women's store in Beijing this weekend#
with a star-studded event featuring actresses Carina Lau, Fan Bingbing, actor Hu Bing, and supermodel Liu Wen.
AFP reports on Asia's A-listers in fashion's front row.#
"Designers have long looked to Hollywood stars to help sell their collections — but as the spending power of consumers in countries such as China and South Korea grows, it's now the turn of Asia's A-listers ."
International lingerie brands making inroads in China.#
Women's Wear Daily reports that "Chinese women are starting to change their mind-sets and embrace the idea of upscale undergarments ."
Fifties-style swimwear hits Chengdu.#
"Callula Lillibelle’s Melanie Fraser Hart touched down in China earlier this month to host a fashion show for 2,000 at the July 12 Lan Kwai Fong Summer Love & Chengdu event." The brand, which is sold at Net-a-porter and Saks Fifth Avenue, includes "Fifties-inspired swimwear, Fifties-inspired cocktail dresses and other new styles."
Lifestyle
Japanese auto brands Honda and Nissan are finally going local with luxury auto production.#
Many Japanese auto brands have had a hard time competing with other foreign luxury companies because they relied on exports to China, driving up prices due to tariffs. However, Honda and Nissan have been eyeing deals with joint venture partners to open plants in China . Maybe now that Japan-China ties are starting to warm once again , they aren't as worried that their factories will get burned down in those inconvenient anti-Japanese riots.
China Daily offers a glowing account of BMW's focus on sustainable growth and social responsibility in China.#
Apparently the state-run news outlet didn't coordinate with Xinhua today on news about foreign luxury automakers.
Chery may be starting a whole new company with old models.#
According to China Car Times , "Chery announced previously that it was to end production of the Riich and Reely models, but one Chery executive think there are still miles to be tread in the as of yet unworn in brands and plans to put them into production in a new facility in a province over from Chery."
Tech
Yet again, another "Apple is in hot water" story.#
This time, we're back to labor abuse allegations. While everyone had their eyes trained on Foxconn, contractor Pegatron was apparently also behaving badly, according to a new report .