French luxury goods conglomerate LVMH – Louis Vuitton Moet Hennessy has paid US$200 million for a 10 per cent stake in Chinese fashion brand Ochirly.
The buyout gives L Capital, LVMH’s private equity arm, to hold a direct stake in the family-owned Ochirly which has total value of US$2 billion.
The investment gives L Capital an opportunity to break into China’s strong fashion industry while Ochirly gains recognition through having a global investor.
The growing power of the Chinese consumer might have the world in its thrall but it seems it won’t be too long before their lust for luxury is more satisfied a little closer to home.
Traditionally, Chinese shoppers have had to head overseas to pick up the latest fashions or other luxury items, due mainly to steep taxes on such items back home.
A recent survey by the World Luxury Association claimed that 72 percent of Chinese consumers believed that luxury goods were cheaper overseas than at home, while 69 percent of those polled traveled simply because they had a wider choice of goods available to them when they did.
Aston Martin, has announced that it will debut its China-focused “Dragon88″ line at the upcoming Beijing Auto Show, to celebrate the Year of the Dragon.
Available only for the Chinese market, 88 special “Dragon88″ models of the V8 Vantage S, Virage, and DBS will be made featuring some Chinese cultural references and iconography.
Luxury brand Montblanc, is opening one of the worldʼs most innovative concept stores, with the launch of its four-storey interactive Boutique in Sanlitun, Beijing.
This is the largest Montblanc Boutique anywhere in the world and by far the brandʼs most audacious, creative and technologically interactive concept store yet.
Visitors are invited to take an audio-operated guided tour through the experience upon arrival, which is delivered via a handheld electronic device.
It’s meant to bring riches and power befitting an emperor, but if Western luxury brands have their way the Year of the Dragon will cost their wealthy Chinese customers a fortune instead.
Monday is the start of the Year of the Dragon, the most favourable and revered sign in the 12-year Chinese zodiac.
The dragon is a traditional Chinese symbol of royalty, fortune and power, and the Year of the Dragon usually sees a spike in marriages and births.
Gift-giving has long been an integral part of life in mainland China and now a new survey has lifted the lid on just what it is the country’s rich have been handing out.
The “Top 10 Gifts for the Chinese Luxury Consumer 2012” was compiled by Hurun Report and looked at what China’s wealthy liked to give to their friends.
The timing of the report is perfect, too, as the Chinese New Year period is traditionally the time when gifts are given to friends, family and business associates.
China’s Shangong Heavy Industries has bought the Ferretti Group, taking over 75% of the Italian shipmaker’s capital.
Sleekly tailored with gleaming chrome accessories and luxurious saloons, the Ferretti Group designs some of the most exclusive yachts in the nautical world.
Ferretti has 8 yacht brands (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line) and owns a total of 8 shipyards.
Mainland luxury Chinese consumers are becoming increasingly open to shopping for, and finding information about, luxury brands online with news portals.
Weibo is one of the most popular sources for information, according to the results of a survey released November 28 by PR group Ruder Finn Asia.
The survey was conducted among 1057 Mainland Chinese luxury shoppers by Ruder Finn Asia as part of its China Luxury Forecast.
The Swiss watch industry is in rude health with exports leaping once again last month and watchmakers set to notch up a record year thanks to Chinese consumers
Despite the the effect of the global debt crisis, the demand for Swiss watches hit a peak in October, putting smiles on the faces of the country’s 600 watchmakers.
Data from the Federation of the Swiss Watch Industry (FH) showed exports rose to 1.9 billion Swiss francs ($2.0 billion), up 18.6 percent on the same month last year.
British racing marque Lotus, which produces the iconic Lotus Elise sports car, has announced the opening of its first China showroom.
The company launched the new showroom earlier this month, featuring six models that have previously only been available in China through other dealers.
The Elise R, Elise SC, Evora, Evora IPS, Exige S 240 and the Exige S 260 wlll be on display at the store, which is in Beijing’s fashionable Chaoyang district.
They may now not have a formal home but the people at Hong Kong’s Shanghai Tang brand are still making consumers sit up and take notice.
After 17 years at the Pedder Building in Central, Shanghai Tang lost the bid for the space to Abercrombie & Fitch, which will pay two and half times the previous rent.
And now Shanghai Tang takes up residence from Friday night on Hong Kong’s iconic Victoria Harbour — inside a series of Mongolia “gers” or traditional houses.
Hyatt brand Andaz has officially opened the Andaz Shanghai, a 28-storey landmark which adds yet another top-end property to the city’s booming luxury hotel market.
The Andaz Shanghai’s 307 rooms opened to the public for the first time October 18, marking the first entry of the Andaz brand into Asia.
With rooms that offer views of the historical Xintiandi district, the hotel is decorated with mixed media artwork designed to evoke the old and new sides of the area, using items such as LED lighting, sensors, video projections and recycled materials.
The new Horizon RP110 superyacht Lady Gaga, which is the first motor yacht above 100 feet built for the Chinese market, was launched by Horizon Yachts.
The Lady Gaga motor yacht by Horizon has just successfully completed her sea trial, with delivery to her owner in China set for later this month.
Horizon created a unique exterior design for yacht Lady Gaga, one that is a radical departure from previous launches of RP series and includes both a vertical window line and wide body to allow for increased interior space.
Jimmy Choo founder Tamara Mellon hopes to open up to 50 stores in China over the next five years in what she dubbed an “exciting” market for high-end goods.
China is the world’s fastest-growing market for luxury products and an ongoing economic boom is creating new billionaires every year in a huge explosion in wealth.
Jimmy Choo currently has just two shops in China — one in Beijing and another in Shanghai. A third will open at the end of the year in the eastern city of Nanjing.
China, already the world’s second largest bullion consumer, has installed the country’s first gold vending machine in a busy shopping district in Beijing.
Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices.
Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold.
Thousands of rich Shanghai residents have turned China’s most cosmopolitan city into the luxury capital of a country that is expected to become the world’s largest market for the sector between 2012 and 2015.
Shanghai topped China’s luxury market in 2010-11 with 18% of overall sales, ahead of Beijing’s 16% and the eastern city of Hangzhou, with its 13% share.
Second and third-tier cities in the country are still far behind, despite boasting a growing number of wealthy people, according to the World Luxury Association.
Byron Yiu has made his fortune by turning traditional shopping habits around and re-selling rich women’s luxury handbags in Hong Kong.
Yiu’s Milan Station retail chain buys trendy bags — luxury tote or shoulder bags to evening clutch — from the ladies who lunch in Hong Kong’s upscale neighbourhoods.
Locally known as “tai tais”, the small and often thrifty demographic, rarely seen without Prada, Chanel or Gucci on their arm, provides the retailer with a steady flow of bags which are later authenticated by Yiu’s team.
They’ve become one of the world’s most influential social groups and now a little more light has been shed on the makeup of China’s rising band of rich.
The HSBC corporation and international research company Nielsen have just released their findings into a survey that attempts to dissect the makeup of the richest 10 percent of the population of eight countries in the Asia-Pacific region.
The countries focused on were mainland China, Hong Kong, Taiwan, Singapore, India, Indonesia, Malaysia and Australia.
Year 2011 sees Italian fashion house Ermenegildo Zegna celebrating its 20th Anniversary in China.
To commemorate this occasion Ermenegildo Zegna made a special limited edition collection of just twenty pieces to mark this important milestone.
The collection include watches, cufflinks, mobile phones and fabrics made in collaboration with Girard-Perregaux, Tateossian and Vertu.
Chinese online media company Sina, mainly known for its Twitter-like Weibo microblogging service, launched Sina Luxury on Friday.
The new e-store enables designers to sell their collections directly to customers. Those who have already signed up include highest-profile Western brands such as Dior, Burberry, Gucci, and Paul Smith, all “100 percent guaranteed genuine”.
Sina Luxury’s main rivals on the Chinese market are the luxury e-tailing start-up IHaveU.com, which as opposed to Sina also sells menswear, as well as a new fashion store called Netease and e-commerce giant Taobao’s TMalls.