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 22, 2013.#
1. Chinese Contemporary Art Rapidly Gains Ground On Western Prices#
"While these prices are still a fraction of many sales by Western artists, these painters, as well as many others including Cai Guo-Qiang, are all on the path to global top-tier prices for a number of reasons. First of all, China’s wealthy are not only getting wealthier, they’re taking a stronger interest in investment in art as they do so. Rising incomes and new Chinese millionaires are also leading to growth in numbers of China’s new collectors."
2. McLaren Sees China Slowdown Persisting Amid Bling Crackdown#
"'The visibility that used to be an asset -- we used to be OK just a few years ago -- now it’s not really a plus,' Mirko Bordiga, regional director of the British supercar maker, said in an interview yesterday in Guangzhou, southern China. “There are many issues that are in the market that doesn’t really let us hope that the market is growing that much."
3. Hong Kong To Hold Its First Rare Tea Auction#
"Teas more than half a century old will go on the block at the “Sensation of tea” auction on Saturday at Hong Kong’s Park Lane Hotel. One box of rare Narcissus Oolong tea could fetch as much as HK$1m ($129,000), according to the organisers."
[FT]
4. Volvo Starts To Feel At Home In China#
"It’s been an encouraging year for the Swedish brand in China, apart from an issue that popped up this year related to past sales accounting. Volvo recently opened a brand new car factory in Chengdu. Thursday it launched its Chengdu-made S60L at the Guangzhou show."
5. Moutai Aims To Boost Sales Abroad—But Not To Foreigners#
Kweichou hopes Moutai can catch on with foreigners. (harryalverson/Flickr)
“However, rather than trying to get foreigners to take a liking to its distinctive taste, the main aim appears to be targeting wealthy Chinese travelers, who are heading abroad in greater numbers every year.”
6. In Beijing, One-Child Policy’s Artistic Legacy#
"Meng Site, 25 years old, grew up an only child in the Hunan city of Shaoyang and was raised by his grandparents because his parents worked elsewhere in China. “As children, we were alone,” Mr. Meng says. 'The only time we were actually able to have playmates was in school or in our boarding school where all of us had a chance to play together.'"
7. How Qoros Plans to Stand Out in China’s Crowded Auto Market#
Qoros 3.
“'As a new brand I will expect that there will be things to solve,' Stefano Villanti, head of sales, marketing and product strategy, said Friday on the sidelines of an auto show in the southern Chinese city of Guangzhou. 'The critical part is having a very timely response from the market and to react fast.'”
8. Why Lexus Unveiled In China, Not L.A., Tokyo Auto Shows#
"Lexus said it chose to launch the car at the Guangzhou show in southern China as a sign of its commitment to the country, which is the world’s biggest auto market and the second biggest for the company. The auto maker said it would hold “more and more” global premiers in China, where auto sales increased 7.1 per cent last year to 15.5 million vehicles."
9. Bigger Cities In China Should Mean Bigger Profits For Coach, Michael Kors#
"In addition to eating out more, the more affluent in cities buy more luxury items from companies such as Coach and Michael Kors."
10. Beijing’s Top Tipple Heads Downmarket After Communist Crackdown#
"The Chinese Communist party’s favourite drink, ultra-luxury baijiu, is heading downmarket to supermarket shelves and restaurants as a result of Beijing’s ban on top-end white spirits. The prohibition is part of the government’s anti-corruption campaign, which is hitting sales of luxury goods from watches to mooncakes."
[FT]