Summary: The opportunities and challenges of luxury boutique hotels in China. Luxury goods demands grow in smaller cities. Paul Smith is trying to crack the China market again. Insights from this year’s Walpole China Luxury Summit in London. Ferrari PR stunt damages ancient Chinese site. Aquascutum acquired by Chinese company. Shanghai’s wealthiest individuals revealed in new Hurun report.
Since China’s luxury hotel boom of 2008-2010, which saw the number of five-star hotels balloon in preparation for major events like the Beijing Olympics and Shanghai World Expo, hotel expansion in China has shown no sign of stopping.Read story here
Consumers in second-tier Chinese cities are becoming more keen on luxury goods, according to a survey released by the advertising company Publicis Groupe’s consumer communication agency Starcom MediaVest Group on Tuesday. Read story here
Quintessentially British label Paul Smith is attempting to crack China once again, with a flagship store in Shanghai and 24 new boutiques in the pipeline. Read story here
This year at the Walpole China Luxury Conference in London there were actually bears in the room — and they weren’t panda bears. Read story here
Authorities in the Chinese city of Nanjing are under fire after a publicity stunt that involved a high-end Ferrari and a Ming dynasty wall. The event was marking Ferrari’s 20 years in China. Read story here
YGM Trading Ltd has agreed to buy Aquascutum, the failed luxury clothes maker that has dressed royalty and politicians, for 15 million pounds ($24 million) in the second Chinese acquisition of a venerable British brand this month. Read story here
The young Chinese couple have taken delivery of their first car, a Ford Mondeo midsize sedan, from a dealership in western Beijing.
They are part of a burgeoning middle class that wants to trade in their subway tokens for their own wheels to get Lu to work at the hospital and Gao to his government job, and also take them away for a weekend holiday. Read story here
Nokia Corp. (NOK) is still in talks with Permira over the sale of its luxury mobile handset business Vertu, a person familiar with the situation told Dow Jones Newswires on Monday.The struggling Finnish handset maker hired Goldman Sachs (GS) to run an auction process several months ago and is looking to raise as much as EUR200 million on a sale.
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For years, Chinese investors have descended on Hong Kong to scope out the latest high-end developments—gleaming projects with grand titles like The Dynasty and Bel-Air. Read story here
Business owners, real estate investors and professional investors are the wealthiest people in Shanghai, according to Shanghai Wealth Report 2012, published on Friday by Hurun Report and the Australia-based independent financial adviser Gao Fu Wealth Management. Read story here