Jing Daily's China Luxury Brief: August 30, 2013

    Hermès sales growth, Chinese cruises, and the austerity-driven dining industry slump are among today's top stories.
    Jing 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:#

    The Hermès store in Paris.


    China's shoppers are shaping the new global economy.#

    China's e-commerce market is expected to overtake that of the United States this year to become the world's largest. (China Daily)

    China's "Brother Watch" pleads guilty.#

    No more Rolexes for Yang Dacai: The official "appeared in the Xi'an intermediate court on Friday and pleaded guilty to charges of taking 250,000 yuan ($40,000) in bribes and having bank deposits of 5.04 million yuan ($820,000) from dubious sources." (AP)

    The "fate of the luxury center lies in China's hands."#

    Not going to argue with that assertion. (InvestorPlace)

    FASHION —#

    Hermès sees 17 percent midterm sales growth in Asia excluding Japan.#

    In another sign that the slowdown is recovering, the label's China sales boosted its overall 13.9 percent increase for the period. (FT)


    Chinese cruise passengers prefer short trips.#

    As opposed to two-week stints favored by Americans, Chinese travelers only like to stay on a cruise ship for four or five days. Not explained is why anyone ever wants to take a cruise in the first place. (NYT)

    China's austerity drive takes a bite out of the dining industry.#

    The luxury crackdown is still going strong: restaurants' sales growth is still slowing, according to the Ministry of Commerce. (China Real Time)

    Automakers fight for the "fourth seat" in China's luxury car market.#

    Audi, Mercedes-Benz, and BMW dominate 78 percent of China's luxury auto market, but other companies are quickly trying to catch up. (Economic Observer)

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