Week In Review: November 26-30, 2012

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of November 26-30: Chinese E-Commerce Site Xiu.Com Caught Up In Counterfeiting Scandal Following its recent partnership deals with eBay and Salvatore Ferragamo, up-and-coming Chinese e-commerce site Xiu.com has found itself in the midst of a scandal, as customers have accused the e-tailer of selling counterfeit luxury goods. According to a report by Xinhua, in the wake of multiple accusations that the e-tailer knowingly stocked luxury fakes by brands like Gucci and NewbarK, Xiu.com chief strategy officer Huang Jing defended his company (to questionable efficacy) this week, stating, “Mistakes only happened when our employees were overwhelmed by a large number of orders. We stand behind our suppliers and authentication procedures.” However, online chatter on Sina Weibo and on multiple online publications suggests public opinion has been seriously shaken by the recent accusations. Interview: Lars Nittve, Executive Director Of HK's M+ Museum (Part One) Due to open in 2017, Hong Kong’s highly anticipated M+ Museum is the centerpiece of the city’s ambitious West Kowloon Cultural District (WKCD) project. Years in the making, the WKCD has much at stake as Hong Kong authorities aim to foster the cultural side of a city known almost exclusively for business. Intent on ensuring the success of the M+ Museum project, organizers enlisted the help of experienced museum director Lars Nittve to take the reins as executive director. With no physical museum to run — a design competition is currently being judged — nor a collection of works to show, Nittve has a challenging job ahead to say the least. China Luxury Demand Rallies, But What Does It Mean For 2013? Despite rising sentiment, the world’s largest luxury groups aren’t out of the woods quite yet. While Richemont is no doubt pleased by an Asia-led 13 percent increase in its luxury watch exports month-on-month, LVMH raised prices at its top fashion and leathergoods brands in Europe following reports that indicated its lowest sales increases since 2009. With raw material costs continuing to rise, the luxury giant is set to increase jewelry prices next year. However, we don’t expect the increases to dissuade Europe-bound Chinese tourist-shoppers, as prices will remain significantly lower in Paris than Beijing. Regional Buyers, International Sellers Converge On HK's Red-Hot Auction Market With Christie’s, Bonhams, Beijing Poly, Ravenel, Seoul Auction, Tiancheng and United Asian Auctioneers holding overlapping auctions in Hong Kong through November 28, the city is the center of attention in the auction world this week. As a growing number of international collectors hope to sell items in the city, and more auction houses crowding in to get a piece of the action, the argument could be made that the city is, at the moment, the single most exciting auction market in the world. Feeding The Dragon: Gary Chu, President Of General Mills Greater China With a pressed-for-time middle class increasingly turning to convenience foods, and food safety scandals pushing this growing demographic towards trusted international brands, China has become a critical market for major global food producers. But with a very established native food culture in place, prepared food manufacturers are finding that localization, rather than transplantation, is key. Recently, Jing Daily had the opportunity to sit down with Gary Chu, President of General Mills Greater China, to discuss food safety, the emerging middle class, strategies for entering the Chinese market, and how best to tap growing Chinese demand.

Week In Review: November 26-30, 2012

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Published November 30, 2012

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Week In Review: November 26-30, 2012