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 14, 2014.#
Today’s stories:#
From Social Status To Self-Expression: The Rapid Evolution Of China's Street Style#
“It’s easy to tell when a trend is 'in,' but is it possible to quantify just how 'in' something is? Chinese fashion social network P1 thinks it can do just that with a massive collection of street style photos and some high-tech trend-spotting software."
'Tiny Times’ Star Yang Mi Boosts Brands And Bali At High-Profile Wedding#
"Last week, the viral celebrity story of the moment on Chinese social media was, hands-down, the highly publicized wedding between Tiny Times star Yang Mi (杨幂) and Hong Kong actor and singer Hawick Lau (劉愷威). The hashtag celebrating their Bali nuptials (#杨幂刘恺威结婚#) has been mentioned over 8.5 million times on Sina Weibo, and several social media-savvy luxury brands have been able to cash in on the attention."
What we’re reading:#
L'Oréal's Acquisition of Magic Holdings Wins Approval#
“L’Oréal’s acquisition of Magic Holdings International Ltd., the Chinese maker of cosmetics facial masks, has been given the green light by China’s ministry of commerce, the companies said jointly Monday."
[WWD]
Prada To Open 80 More Stores Worldwide In Next 12 Months#
“China would remain a prime destination, with 10-15 new stores, largely Prada and MiuMiu, to bring the total up to 61, despite short-term challenges from the central government’s anti-extravagance campaign, he said.”
[SCMP]
‘Finding Mr. Right,’ ‘Big Bang Theory’ Drive Chinese Travel Trends#
"Los Angeles has long been a favorite destination for Chinese tourists visiting the U.S. but lately, they’ve been asking for detours to nearby Pasadena to pay homage to their favorite sitcom, The Big Bang Theory. Fans are requesting visits to places including the campus of California Institute of Technology as well as to a particular Cheesecake Factory outlet, which both figure prominently in the CBS sitcom that Chinese fans stream online."
Wanda Still Has Plenty of Cash to Burn#
"Chinese property developer Dalian Wanda Group, known in recent times as the deep-pocketed buyer of Western assets including a U.S. movie theater chain, a British yacht maker and a London hotel, isn’t finished with its shopping spree."
China Shoes: Feeling The Pinch#
"Three years ago Chinese shoe sellers were increasing their sales at a 20 per cent clip – and they were adding stores even faster. Stock valuations could be as dazzling as Dorothy’s ruby slippers. Now that sales are flat or falling, shares have followed suit and a rebound looks unlikely."
[FT]
Swiss Watch Industry Forecasts Growth After 2013 Slowdown#
“Rising disposable incomes in China mean there’s still potential in that market and Swiss watchmakers will still be able to count on Chinese travelers buying their products in Europe, Pasche said. However, high taxes on luxury goods in emerging markets are preventing Swiss watchmakers from reaching out to their growing middle-class, he said.”
Bentley Head: Our SUV Will Be The First Real Luxury SUV On The Market#
"The United States and China, where powerful, expensive SUVs (US) and chauffeured vehicles (China) are popular, will presumably be the markets most suited to make such a vehicle succeed. Last year Bentley saw 28% growth in US sales (3,140) but slightly lower annual sales in China (2,199) because the new four-door Flying Spur—its biggest seller there—became available only in the fourth quarter. Bentley sold 950 Flying Spurs in China in Q4 2013 alone."
[Forbes]
Luxury Post-Natal Recovery Center Charges Up To 100k In Chongqing#
"Located in a villa near South Hot Spring in Chongqing's Banan Distinct, the confinement service center was converted from a four-story, single-family villa, which includes a 700-square-meter garden and four suites, each with its own balcony and bathroom."
[CRI]