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    Jing Daily’s China Luxury Brief: August 1, 2013

    Alibaba's foray into social e-commerce, Chengdu street style, and private equity's focus on China's wealthy are among today's top stories.
    Chengdu street style. (Women's Wear Daily)

    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. Check out today’s stories below:

    Chengdu street style. (Women's Wear Daily)

    — BUSINESS AND FINANCE —#

    Private equity companies eye China's wealthy,#

    yet are "facing unusual challenges." (China Real Time)

    New book Trouble in the Middle examines differences between Chinese and Western business culture.#

    The book argues that some may see China's business environment as a "no-holds-barred 'Wild West,' when in fact it is a system with its own rules rooted in massive guanxi (or relationship) networks." (China Real Time)

    — CULTURE —#

    Pacific Rim has record opening day in China.#

    The film, set in Hong Kong, opened to a record $9 million in sales. (Quartz)

    South Korean films are formidable competition for Hollywood in China.#

    "Two major South Korean studios are strengthening cooperation with local players to grab a foothold in the world’s second-largest movie market." (Scene Asia)

    FASHION —#

    Women's Wear Daily checks out Chengdu street style.#

    Second-tier cities are clearly pretty distinct from Shanghai and Beijing. (WWD)

    Speculation abounds over Louis Vuitton Hong Kong expansion.#

    The luxury giant may have backed out of purchasing major retail space in the city's upscale Times Square mall. (Asia Sentinel)

    — TECH —#

    Alibaba and Sina Weibo to start "Weibo stores."#

    After Alibaba's acquisition of an 18 percent stake in Weibo, it was only a matter of time before we saw the microblogging platform embrace e-commerce. (Tech in Asia)

    Relatedly, Alibaba suspends use of WeChat to "protect customers."#

    Interesting timing, considering the story above. (Tech in Asia)

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