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 February 5, 2014.#
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Today’s stories:#
Chinese Designers Rise In Ranks At Top Global Fashion Weeks#
“Beginning in New York, global fashion week season is upon us next week. Soon, the world’s top fashionistas will be flocking from New York to London, Milan, and Paris to attend a dizzying array of runway shows in each style capital. Although still a minority at these top global four, an elite group of Chinese designers continue to establish their names as they rack up awards, buyers, and media coverage every with every season. Following the major Europe and North America fashion weeks will be those in Asia, when a huge group of aspiring designers will convey the depth of design talent found in China. In preparation for the start of the world’s major fashion weeks, we’ve created a chronological guide outlining when you can check out each Chinese designer."
British Heritage Boosts China's Love For Tweed And Wool#
“Wool and cashmere clothing company Johnstons of Elgin has appointed special agents in Beijing in Shanghai, and told the Financial Times that Chinese customers love the brand’s 215-year-old “history and heritage.” Meanwhile, the chairman of the tweedmakers of the Isle of Harris said that “provenance, British [identity], and quality” are the aspects that give tweed brands “a good chance” in China.”
What we’re reading:#
Chinese Are ‘Buying Like Hell’: Swatch CEO#
"'Swatch Group is not just in the high-end luxury business… We have always been on a growth path of double-digit growth in mainland China. So the consumption is healthy - there's only (some) people who could not spend as much money as they could before because it was state owned money,' Hayek told CNBC."
[CNBC]
In Search Of Wide Open Spaces And New Cultures, Chinese Tourists Mostly Find Each Other#
“Europe’s capitals are welcoming a deluge of Chinese visitors this week, intent on shopping for luxury brands and sightseeing. Macau, the Portuguese-influenced special administrative region of China is expecting 2.6 million visitors this week. In contrast, less than two million pilgrims performed Hajj in Mecca, Saudi Arabia, last year, 1.4 million of them from outside the country."
[Quartz]
Daimler Earnings Seen Higher, Still Lagging BMW#
“Daimler has also suffered problems at its sales organisation in China, causing it to fall behind BMW and Audi in the largest car market in the world."
[Reuters]
China's Luxury Goods Market Slows Down Growth#
“The sales growth of luxury goods in China dropped from 7 percent in 2012 to 2 percent in 2013, Wednesday's China Daily quoted the company's report as saying.”
As China's Auto Sales Surge, Lunar New Year Travelers Opt for Road Trips#
“China's fascination with cars has transformed the global auto industry and moved markets in everything from oil to tires to steel. China is now the world's No. 1 car market, with 18 million passenger vehicles sold last year. It now has more than 2.6 million miles of highway, nearly four times the amount in 2000."
[WSJ]
Foreign Retailers Learning How To Click With Chinese Fashionistas#
"In addition, such fast-fashion brands as H&M, US retailer Gap Inc and Japanese brand Uniqlo also have sought to enter China's e-commerce sector over the past two years. However, each company has chosen a different approach."
[East Day]