Welcome to Jing Daily‘s Weekend Sound Bites: a rundown of what industry influencers were saying about the week’s top stories on the business of luxury and culture in China.#
Burberry named a new Asia-Pacific CEO this week.
— FRIDAY, 8/9 —#
“There is an element of push from automakers. They have all increased capacity and therefore have the incentive to push for more volumes and use more discounting.”
-Ole Hui, Hong Kong-based analyst with Mizuho Financial Group Inc., on the reasons for China's rise in passenger vehicle sales during the month of July (Bloomberg)
"The influx of new wealth from China has very much transformed the Chinese market and they're buying what they like. And what they like, the prices have really gone up on."
-Bruce MacLaren, Chinese art specialist with Bonhams auction house in New York, on Chinese collectors' continued interest in buying art (China Daily)
“There’s a lot stiffer competition from these local brands because they were there earlier and are in touch with local consumers.”
-James Roy, a senior analyst with China Market Research Group in Shanghai, on the rise of Chinese beauty brands (WWD)
— THURSDAY, 8/8 —#
“Pascal’s leadership has been instrumental to the successful integration of our China business, and wider growth of the Asia region.”
-Angela Ahrendts, CEO of Burberry, on the appointment of Pascal Perrier as CEO of the company's Asia-Pacific region (WWD)
— WEDNESDAY, 8/7 —#
"The preservation of heritage buildings and what remains of them is a big issue in China today. I expect this trend to continue well into the future."
-John Puttick, partner and lead architect in China for architectural firm Make, which is designing a luxury hotel connected to a historic temple in Chengdu (SCMP)
— TUESDAY, 8/6 —#
“The houses are now dormitories for our employees. Some migrant workers who took part in the villas’ construction are also living in them.”
-Wang Jianxin, general manager for the developer of a Hunan luxury mall which is now housing migrant workers in illegally built condos on its roof (AFP)
— MONDAY, 8/5 —#
“In terms of financial impact it’s basically zero. In terms of brand damage it’s also minor.”
-Robin Zhu, automotive analyst at Bernstein Research, on BMW's recall of 140,000 vehicles in China (FT)
“Some 300 million of China’s 1.3 billion population is interested in luxury consumption. Our partner told us that the people want to buy high-priced products here. We have followed a different pricing policy because our prices in Turkey would be lower here."
Abdullah Kiğılı, the owner of Kiğılı menswear, on the brand's expansion into China (Hurriyet Daily News)