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:
Chengdu street style. (Women's Wear Daily)
— BUSINESS AND FINANCE —#
Private equity companies eye China's wealthy,#
yet are "facing unusual challenges." (China Real Time )
New book Trouble in the Middle examines differences between Chinese and Western business culture.#
The book argues that some may see China's business environment as a "no-holds-barred 'Wild West,' when in fact it is a system with its own rules rooted in massive guanxi (or relationship) networks." (China Real Time )
— CULTURE —#
Pacific Rim has record opening day in China.#
The film, set in Hong Kong, opened to a record $9 million in sales. (Quartz )
South Korean films are formidable competition for Hollywood in China.#
"Two major South Korean studios are strengthening cooperation with local players to grab a foothold in the world’s second-largest movie market." (Scene Asia )
—
FASHION —#
Women's Wear Daily checks out Chengdu street style.#
Second-tier cities are clearly pretty distinct from Shanghai and Beijing. (WWD )
Speculation abounds over Louis Vuitton Hong Kong expansion.#
The luxury giant may have backed out of purchasing major retail space in the city's upscale Times Square mall. (Asia Sentinel )
— TECH —#
Alibaba and Sina Weibo to start "Weibo stores."#
After Alibaba's acquisition of an 18 percent stake in Weibo, it was only a matter of time before we saw the microblogging platform embrace e-commerce. (Tech in Asia )
Relatedly, Alibaba suspends use of WeChat to "protect customers."#
Interesting timing, considering the story above. (Tech in Asia )