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Coming off a tougher 2012, during which many wealthy Chinese consumers either took a wait-and-see approach to luxury purchases close to home, or did their luxury shopping overseas, Swiss watchmakers expect renewed, albeit modest, growth in 2013.
While Chow Tai Fook seems to view its new JV with Richemont as a credibility-booster for its watch-selling business, for Richemont it's clear that something must be done to boost sales in a changing China market.
We've previously noted the changing dynamics of China's culture of gift-giving, hastened by Beijing's recent crackdown on excessive spending by government officials, but this week, a new Hurun Report survey finds that two luxury segments in particular have been the hardest hit.
Having closed for renovations last month, this week Bulgari opened the doors of its all-new Plaza 66 flagship in Shanghai with a blowout attended by a bevy of local celebrities and featuring a distinctly serpentine theme.