Week In Review: June 24-28, 2013

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of June 24-28: The ‘China Price’ Is Not Right Luxury shopping on Nanjing Road in Shanghai. (2 dogs/Flickr) Foreign brands in China are expensive. This is not just in relation to China’s lower income level: due to a mixture of duties, taxes, logistics costs, and price positioning, the price of foreign brands in China typically ranges from 30 to 80 percent more expensive than in their home markets. Among China’s sophisticated consumers, the price gap between China and the rest of the world has become common knowledge—especially among the aspirational and affluent white-collar workers who are expected to drive growth in the premium and luxury segments. Videos: Chanel’s ‘Little Black Jacket’ Draws Celebs And Crowds On Mainland The Beijing opening of Chanel's "Little Black Jacket" exhibition. (Chanel) Last week, Jing Daily previewed the China openings of Chanel’s international “Little Black Jacket” photography exhibit, a series of portraits in Chanel stores worldwide celebrating one of the label’s most recognizable designs. For the Shanghai and Beijing openings of the event, Chanel-clad celebrities from both China and abroad who served as models for the portrait flocked to the events. Chanel posted high-quality videos from both events on its official Weibo page, and both are featured below. Second-Tier Multimillionaire Growth Leaves Beijing, Shanghai In Dust Chongqing at night. When it comes to wealth accumulation in China’s cities, Beijing and Shanghai don’t come close to Chongqing for the title of the city with the fastest-growing number of multimillionaires in the country. According to a recent WealthInsight report, Chongqing tops this list for the time period from 2007 to 2012, when the second-tier city saw an astounding 80 percent growth in its ultra-affluent population. According to the report, Chongqing now has 96 ultra-high-net-worth individuals who hold more than $30 million in assets, but it’s far from the only lower-tier city with significant growth numbers. Chengdu and Fuzhou’s multimillionaire residents also increased by 60 percent in the same period, with 120 and 67 multimillionaires respectively. Of the top ten fastest-growing cities for multimillionaires, Hangzhou had the most with 563 at the end of 2012, an increase of 57 percent over the five-year time period. As Mainland Fashion Tastes Go Niche, Young U.S. Labels Hit Beijing Runway A look by Marchesa from Friday's show. (Women's Wear Daily) As Chinese fashionistas continue to widen their interests beyond top mega-brands toward smaller niche labels, the Council of Fashion Designers of America (CFDA) and Vogue Fashion Fund Initiative gave three cutting-edge U.S. designers the opportunity to place their creations front and center in Beijing at a fashion show on Friday evening. Proenza Schouler, Rag & Bone, and Marchesa—well-known names in the United States, but as of yet, still emerging in China—extensively broadened their exposure to China’s fashion scene in a runway show located at Beijing’s Ming Dynasty City Wall. These fairly young labels are all previous recipients of CFDA awards, and the aim of the event was to expand awareness of them beyond the handful China’s most fashion-savvy shoppers already buying their pieces at Lane Crawford and Joyce. “They’re established, you really can’t call them emerging anymore. We really wanted to introduce them to China, because let’s be honest, they’re probably not that known here,” CFDA CEO Steven Kolb told Women’s Wear Daily. China: This Week In Digital Luxury Marketing A roundup of new and ongoing campaigns in China through July 7, featuring DKNY, Clinique, Fossil, Guerlain, and Shiseido. Through July 6, participants in DKNY’s recently launched online marketing campaign are asked to snap a picture of the brand’s outdoor billboard on Nanjing West Road in Shanghai, and share it on Weibo with the hashtag #DKNYARTWORKS# @DKNY. The top participant with the most creative picture will be awarded a watch valued at 1,190 RMB from the Park Avenue collection, and the two participants in second place will be awarded a watch valued at 780 RMB from the Sasha collection.

Week In Review: June 24-28, 2013

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Published June 28, 2013

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Week In Review: June 24-28, 2013