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 December 31, 2013.
1. 3 Key Reasons More Chinese Luxury Shoppers Will Buy Abroad In 2014
“Thanks to high tariffs, China’s luxury consumers already purchase an estimated 60 percent of their luxury goods outside the mainland. According to a new Chinese-language article in iFeng, several China luxury experts predict that this trend will accelerate in the coming year due not only to the pricing issue, but to several additional factors.”
“The country’s overall clout in the sector is not diminishing – Greater China now accounts for a quarter of Louis Vuitton’s revenue, 35 per cent of Cartier’s, and a whopping 45 per cent of Omega’s, according to Exane BNP Paribas.”
“The boss of Harrods, the prestigious London department store, has warned that proposals by the Coalition to simplify visa applications for Chinese tourists are ‘smoke and mirrors’.”
“Previously a black hole in China’s retail space, multibrand retailers are beginning to make their mark in the Middle Kingdom.”
5. 5 Chinese Fashion Designers To Watch In 2014
6. Video: A Closer Look At China’s Fake Wine Epidemic
7. What Puts Soul In A Masterpiece?
8. Ports 1961 To Launch Accessories
“The company, which in 2011 relocated its headquarters from New York to Milan, also continues to invest in its retail business. In fall 2014, Ports 1961 will open a 19,376-square-foot flagship on Shanghai’s luxury shopping street West Nanjing Road, along with a unit in Hong Kong.”
9. Revlon Inc. To Leave China
“The beauty firm said in a regulatory filing with the Securities and Exchange Commission, or Form 8-K, that the restructuring of operations will result in the loss of 1,100 jobs primarily located in China, including 940 beauty advisers retained indirectly through a third-party agency.”