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 22, 2014.#
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Today’s stories:#
World Economic Forum 2014: The Chinese Women Power List#
"Although China didn’t send any female speakers to Davos, the country’s percentage of female attendees beats the average at 22 percent, and tops the United States’ 20 percent. In addition, many of them have presented in the past."
Infographic: How To Engage Chinese Luxury Shoppers In Europe#
"In order to shed some light on the habits of China’s high-spending jet-set, consultancy SmithStreet Solutions has put together an infographic on its findings regarding Chinese shopping in Europe. One of its main conclusions: Chinese travelers like to plan their shopping ahead of time. They search for brands on Baidu and take care of purchases for friends back home who don’t want to be stuck with China’s high tariffs on imported luxury goods."
What we’re reading:#
Leaked Records Reveal Offshore Holdings of China’s Elite#
"Close relatives of China’s top leaders have held secretive offshore companies in tax havens that helped shroud the Communist elite’s wealth, a leaked cache of documents reveals."
[ICIJ ]
Independent Luxury Watchmakers Expect Growth This Year#
"The Chinese government’s crackdown on the use of luxury goods as bribes and illegitimate gifts has hurt sales of luxury watches in mainland China, the third largest market for Swiss watch exports. "
[Reuters ]
Starred Hotels Lose Shine Amid China's Austerity Drive#
“The five-star rating, once a halo guaranteeing profits for Chinese luxury hotels, is losing its glamour as the country's ruling party bans consumption in upscale accommodations at public expense."
[Xinhua ]
Rise Of Online Shopping Forces Mainland Malls Into Rethink#
The Grandview Mall in Guangzhou. (Shutterstock )
“The rise of online shopping on the mainland is forcing malls to restructure their retail mix to provide more entertainment and food and beverage outlets in order to boost customer traffic.”
[SCMP ]
China's Fosun Says Has Enough Cash To Fund Portuguese Insurance Deal#
"Liang said Fosun will continue to buy overseas assets in sectors such as retail, entertainment and finance to be brought over to the Chinese market. 'In the future, while continuing our investment on luxury brands, we will also consider brands of experimental consumption and retail financing,' he said."
[Reuters ]