Trending in China: LVMH Said to Launch E-commerce Site in China

    From LVMH's new China e-commerce platform to the celebrity-fueled flower business, here's what Chinese consumers are buzzing about on social media today.
    Photo: Louis Vuitton/Official Chinese website
    Ruonan ZhengAuthor
      Published   in Fashion

    Chinese Media says LVMH opens new e-commerce platform catering to Chinese consumers#

    While consumers are still buzzing over Gucci’s first Chinese e-commerce platform, which launched on July 3, the Chinese publication Ladymax reports that Louis Vuitton has just joined the club, opening their official Chinese e-commerce site on July 20. The brand has not published any information about the launch on Weibo or WeChat, but Jing Daily has been to the site and it does exist but it's unclear when it launched. As of March, it still did not have an e-commerce platform in the country. And this one seems to be more of a placeholder for a fuller e-commerce experience to come. If odd that no news about it was made public, it does make sense that LVMH would opt to have its own e-commerce platform as many luxury brands are starting their own official selling channels in China as a way to gain back control of their brand image and prevent the sale of counterfeit products.

    Netizen comment: “It doesn't have appeal to consumers if the pricing is still the same."

    Photo: Gao Yuanyuan/Weibo
    Photo: Gao Yuanyuan/Weibo

    Chinese celebrity fuels booming flower e-commerce business#

    The speculation that Chinese celebrities are invested in the flower e-commerce business has brought people’s attention to this booming new industry. The CEO of one flower e-commerce startup, RoseOnly, has confirmed that the famous Chinese actress Gao Yuanyuan is one of the investors in the series B round of funding. On July 18, the startup also established a partnership with world’s biggest flower trading company, Royal Flora Holland, to deliver fresh flowers to China from all over the world. The Chinese flower industry is expected to grow 20 percent per year.

    Weibo comment: “The startup doesn't have to worry about anything now that they have the investor celebrity endorsement for free.”

    The father and son of Sunac. Photo: Weibo
    The father and son of Sunac. Photo: Weibo

    The 27-year-old son of Sunac China's CEO and his staggeringly high salary#

    Sunac is under the spotlight recently because of its investment in LeEco and its 9.3 billion deal with Wanda. But aside from all that news, people on Weibo are buzzing about the background of the CEO’s 27-year-old son. In May this year, he was named Sunac’s executive director and vice president of Shanghai after 3 years of working in various positions within the company. The company set a 1.2 million yuan annual salary, which was based on experience, responsibilities, work load, contribution and other factors. According to Sunac’s 2016 annual report, the other six executives at the same level were paid less and they have also been in the company for more than 10 years.

    Weibo comment: “Another Fu'er Dai after Wang Sicong.”

    Dalian Wanda CEO Wang Jianlin, who tops China's rich list this year. (Flick/Fortune Live Media)
    Dalian Wanda CEO Wang Jianlin, who tops China's rich list this year. (Flick/Fortune Live Media)

    Wanda CEO Wang Jianlin discloses the amount of Wanda's commercial debt, claims its no problem to pay off#

    It’s very rare for a company’s CEO to disclose private financial information. But Wanda’s CEO, Wang Jianlin, did just that at a press event on July 19. “In the real estate industry," he said, "being in debt is different from owning debt, because commercial buildings need money to start before hand.” Looks like the CEO is eager to restore public confidence and clear up previous rumors.

    Weibo comment: “Didn't LeEco say something similar when they were in debt? ”

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