China Luxury News Roundup

China Luxury News Roundup

Summary: Juicy Couture opens Beijing flagship store. 360Buy launches luxury e-commerce site: Toplife.com. Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined. Chinese authorities clamp down on foreign businesses such as Wal-Mart and Carrefour. Geoffrey Kent interviewed on travel habits of high net worth Chinese travelers. New York Observer launches Chinese language magazine YUE. China’s second tier cities hungry for luxury brands. China’s millionaires seeking to move overseas.

Juicy Couture opens Beijing flagship store

The store will offer a large selection that includes women’s, girls’ and babies’ collections, shoes, intimates, swimwear, fragrance, accessories, jewelry, sunglasses, and small leather goods. http://red-luxury.com/2011/10/18/juicy-couture-to-celebrate-beijing-flagship-openin

360Buy launches luxury e-commerce sit

360Buy launches luxury e-commerce site: Toplife.com In January 2011, NetEase.com launched its luxury Internet shopping platform; in July, Tencent invested in the diamond B2C website Kela.cn; and in August, Sina.com launched its luxury shopping platform. http://www.chinatechnews.com/2011/10/26/15726-360buy-com-finally-launching-luxury-retail-website-in-china

Chinese top global spenders

Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined. Tourists from emerging Asia account for half of luxury sales in Europe and 15% of sales in the U.S. Most of these tourists came from China — over 50 million of them last year. http://www.businessinsider.com/luxury-demand-china-2011-10?utm_source=twbutton&utm_medium=social&utm_campaign=thelife

Authorities clamp down on foreign businesses

Chinese authorities clamp down on foreign businesses such as Wal-Mart and Carrefour. http://www.businessweek.com/magazine/chinas-new-protectionism-10272011.html

Geoffrey Kent on HNW Chinese Tourism

“They don’t have travel agents. They like to keep their wealth very quiet. They don’t mix in big social gatherings.”
http://www.spearswms.com/spears-world/hedgehog/27672/geoffrey-kent-on-hnw-chinese-tourism.thtml

NY Observer launches Chinese language magazine

On Nov. 12, the New York Observer will launch YUE, a Chinese/English bilingual magazine marketing New York City luxury to Chinese visitors. http://www.adweek.com/news/press/observer-s-next-target-chinese-tourists-136231

China’s second tier cities hungry for luxury brands

According to a survey of the Chinese luxury market, first-time buyers accounted for 67% of the growth in China’s luxury industry, with a majority of them coming from second- and third-tier cities. http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1102&MainCatID=11&id=20111031000056

Wealthy are leaving China

A recent survey by the Bank of China and the Hurun Report, a wealth-monitoring project run out of Shanghai, found that more than half of the 980 millionaires (or more, accurately, those who boast at least 10 million yuan, or $1.6 million, in assets) polled were considering emigrating. Nearly 15% had already done so or had at least begun the process, with the United States listed as their top destination, followed by Canada and Singapore. http://globalspin.blogs.time.com/2011/11/11/made-your-millions-in-china-now-its-time-to-move-overseas/#ixzz1diBaS0ca

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