Jing Daily's China Luxury Brief

    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.
    A white diamond that sold at Sotheby's in Hong Kong over the weekend for a record-breaking $30.8 million. (Sotheby's)

    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 October 7, 2013.#

    A white diamond that sold at Sotheby's in Hong Kong over the weekend for a record-breaking $30.8 million. (Sotheby's)


    World Bank cuts GDP growth forecast for China.#

    "China may grow 7.5 percent in 2013, lower than an April forecast of 8.3 percent, it said." (Bloomberg)

    White diamond sells for record-breaking $30.8 million at Sotheby's Hong Kong.#

    Chinese collectors love perfect gemstones: the price was the highest amount paid for a white diamond at auction. (Bloomberg)

    — CULTURE —#

    Tourist locations in China during Golden Week were as overcrowded as ever.#

    As incomes rise, we're likely to see more and more mainland tourists jetting off to Thailand and other locations to avoid the crowds. (Xinhua)

    China Real Time asks, "Is Chinese contemporary ink painting the next big thing?"#

    It's already a pretty big thing, considering what Zeng Fanzhi's painting sold for at Sotheby's this weekend. (China Real Time)

    — FASHION —#

    Burberry's CEO says luxury sector may face prolonged China slowdown.#

    "Burberry, which rang alarm bells on a slowdown in China more than a year ago, has shut half its stores in China since it took over its distribution network, Ahrendts said." (Reuters)

    Luxury stocks sag on Burberry comments on China.#

    After publication of Angela Ahrendts' comments, "LVMH, the world's biggest luxury goods maker, is down 2.4 percent, Swiss watch maker Richemont loses 1.7 percent and Burberry is down 1.6 percent." Did nobody notice that she already publicly said this weeks ago? (Reuters)

    Macy's shelves online expansion plan for China.#

    The decision comes after Neiman Marcus scaled back its e-tail operations earlier this year: the slowdown and lack of infrastructure both likely played a part. (WSJ)

    LVMH hopes to balance China luxury slowdown with cosmetics investments.#

    LVMH-backed L Capital Asia's investment in Marubi was already a clear sign of this. (Reuters)

    — LIFESTYLE —#

    China’s Asia Bike to spotlight luxury cycles and e-bikes.#

    Cycling is one of several high-end sports catching on in China. (The Malay)

    Gifting for bribery purposes isn't just for officials in China.#

    For example, a "box of mooncakes" and "an envelope of dough" is expected for a full-time teaching job, but activists are trying to change this. (LA Times)

    James Packer signs up Chinese tennis ace Li Na to lure big-spending tourists to Crown casinos.#

    Another sign Australian casinos are working hard to compete with Macau for mainland gamblers. (Daily Telegraph)

    Audi's September sales up 10 percent thanks to rising China demand.#

    The luxury auto market still seems to be bouncing back. (Reuters)

    Meanwhile, Mercedes had its best month ever in sales as it forges ahead in China.#

    Maybe it didn't need to start building a museum in China to boost its brand after all, but it still can't hurt. (Torque News)

    National Day was celebrated with heavy "fog" and frugality.#

    At least global Global Times mentions "high pollution" in its ridiculous article, but also blames low visibility on "foggy weather". At least the austerity campaign worked (or so it claims). (Global Times)

    — TECH —#

    Harrods' WeChat campaign listed as one of 10 best mobile campaigns of the quarter.#

    It's ahead of the game as "the first British retailer to launch a WeChat social media account that conveys its latest content and special offers to Chinese consumers." (Luxury Daily)

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