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 20, 2013.#
1. China: This Week In Digital Luxury Marketing#
(Sina Weibo/Harper's Bazaar China)
"A roundup of recent and ongoing campaigns in China through November 23, featuring Harper’s Bazaar, La Roche-Posay, Garnier, Diesel, and Infiniti."
2. In Asia, Men’s Wear Roars to Life#
(NYT)
"Ermenegildo Zegna, the 100-year-old men’s wear house that manufactures some of the best textiles in the fashion industry, was one of the earliest European brands to open in China — in 1991. The company, which now does 50 percent of its retail business in Asia, now has 100 stores in Greater China and 20 in Southeast Asia."
[NYT]
3. Daimler takes 12 percent stake in Chinese partner#
(Mercedes-Benz)
"Daimler AG has taken a 12 percent stake in its Chinese partner Beijing Automotive Group for 625 million euros ($845 million), expanding its footprint in the fast-growing China auto market."
4. Audi Bets Chinese Love Small Cars Too After Seeking More Legroom#
(Audi)
"Audi AG (NSU) gave China’s chauffeur-driven bureaucrats and businessmen the legroom they wanted by stretching its flagship sedans. Now the German automaker is betting there’s also demand for small luxury cars."
5. From Bling to Low-Key Luxe: How China Is Influencing the Luxury Market#
"The super-economy's elite were here on a Golden Week spending spree (named for one of China's most important holiday periods). And given the figures, it's easy to see why London's high streets were gogo: the Chinese account for a quarter of the global luxury spend - to the tune of a massive £18bn. Last year's Golden Week saw Harrods' till up an average of £3,500 from each Chinese shopper, while at luxury shopping centre Bicester Village, the average till spend was £735. The sums for 2013 are likely to be even higher."
6. Chinese Builder Greenland Continues Expansion#
"The Shanghai-based developer said Wednesday it plans to invest 6 billion yuan ($984 million) to build 58-story twin towers on the island, where it is currently building a large-scale mixed-property complex that includes a casino."
[WSJ]
7. In First Earnings Report After IPO, Chinese Travel Site Qunar Sees $39.4 Million In Revenue#
(Qunar)
"Baidu-owned travel booking site Qunar (NASDAQ:QUNR) listed publicly at the start of this month, raising $167 million and seeing its stock price nearly double in the first day. Qunar’s price is still riding high today, at $26.53 per share. Now comes Qunar’s first big test. Qunar has revealed its first post-IPO earnings report for Q3 2013, revealing it brought in $39.4 million (RMB 241.1 million) in revenue in that quarter, up 57.5 percent from the previous year."
8. The Ritz-Carlton Announces Plans To Open A Hotel In Eastern Chinese Powerhouse Of Nanjing#
(Wikipedia)
"The Ritz-Carlton Hotel Company, L.L.C.is set to open in the former Chinese capital of Nanjing in the first quarter of 2015, marking the luxury hospitality operator's continued drive to bring its brand of iconic luxury experiences to China's vibrant and important cities, in addition to current locations throughout Asia Pacific."
9. Stunning Perth Homes On Show In China#
(Perth Now)
"Real estate agent and director of Harcourts Applecross, Eric Hartanto, is one agent who has been selected to showcase exclusive homes at the Luxury Property Showcase in Shanghai from December 6."