Luxury Carmaker Builds Showroom On Jinbao Street In Response To Growing Chinese Demand
Bugatti's choice to open a showroom in Beijing shows the company's intention to expand in the China market
China’s growing automotive demand has been great for automakers of all stripes, from up-and-coming budget domestic brands to the world’s most expensive and exclusive marks. Already this year, companies like Japan’s Mitsuoka Motor Co have announced their intentions to build showrooms in China, Porsche debuted its Panamera Turbo at the Shanghai Auto Show, Ferrari created a China-only version of its 599 GTB Fiorano, and Rolls Royce received 20 orders for its $250,000 Ghost after presenting the automobile in Hong Kong.
Now Bugatti, the high performance French automaker, has opened its first-ever showroom outside of France, located on Beijing’s swanky Jinbao Street. From Alibaba News:
“The opening of the show room, the first one in the world, shows Bugatti’s confidence in China‘s luxury carmarket, “said Mr Kuo-chung, President of Bugatti China.
Kuo-chung said backed by sustained economic boom, China now has a significant number of billionaires, pointing to the annual Hurun Report which said China now has more known dollar billionaires than any other country bar the United States.
Posted in Automobile, Business, China, Investment, Luxury
Tagged auto, Automobile, beijing, bugatti, China, ferrari, france, Investment, Luxury, luxury automobile, mitsuoka, porsche, rolls-royce, showroom
Watchmaking Iconoclast’s New Location At Jin Bao Street’s Legendale Hotel Features Decor And Accents Shipped From Paris
Richard Mille's flagship store in Beijing brings an air of bygone Europe to Beijing's Jin Bao Street
Richard Mille, the French luxury watch brand,has just opened a flagship store in Beijing’s five-star Legendale Hotel, according to a company press release. Mille’s fixation with high-tech materials and unique alloys inspired by F-1 motorsport and the aerospace industry, has made him one of the most unusual — and fastest-rising — luxury watch forces in the world, and with the flood of spending we’ve seen in China on luxury goods like watches, cars, wine, jewelry and contemporary art, Beijing’s flagship Mille store should attract the city’s free-spending elite in no time.
[T]he flagship occupies 260 square meters of space at this platinum 5-star hotel that represents European elegance and luxury in the heart of this capital of the People’s Republic of China. With such a prime address and grand interiors, Sparkle Roll Group Limited, the exclusive dealer of Richard Mille in PRC, invested HK$45 million in building this flagship in Beijing.
Posted in Art, Business, China, Fashion, Investment, Luxury
Tagged Art, beijing, China, china market, contemporary art, contemporary chinese art, elite, Fashion, flagship, foreign direct investment, france, french, Investment, jewelry, jin bao street, Luxury, luxury watches, mainland china, mille, richard mille, sino-french, watch, wealth, wine
Societe Generale — with offices in Beijing, Shanghai, Guangzhou, Tianjin And Wuhan — Looks To Expand Private Banking Services In Fast-Growing Market
Societe General is looking to grow its private banking services in China
The Wall Street Journal reports today that Societe Generale (China) Ltd., the locally incorporated unit of Societe Generale SA, has received permission from China’s banking regulator to offer yuan-denominated retail services in the country. This could have major implications on foreign investment in China, as it simultaneously boosts the growing global influence of the Chinese yuan:
Societe Generale (China) will begin to offer these services once its branches receive yuan retail licenses from local bank regulators in Beijing, Shanghai and Guangzhou, Pierre Bonzom, managing director and head of commercial and personal banking for the French bank’s China unit, said in a statement Tuesday.
Posted in Business, China, Currency, Economics, Investment
Tagged China, chinese, Currency, Economics, france, renminbi, RMB, societe general, yuan
Hong Kong A&A International’s Purchase Of Controlling Stake In One Of Bordeaux’s Oldest Vineyards Reflects Wine’s Growing Importance, Popularity In Greater China Region
Chinese wine lovers are becoming increasingly enamored with French reds (and the wineries that produce them). Photo © MSN
Today, details were released of Hong Kong investment firm A&A International’s purchase of French winery Chateau Richelieu, a major development in the global wine trade. While the growing interest in wine in the Chinese market is not necessarily new — sales have been rising for several years now — it seems that Chinese buyers and investors are taking advantage of the global economic downturn and accompanying decline in purchases by western and Japanese buyers to get a hold of rare wines (as we saw in recent wine auctions in Hong Kong, where Chinese buyers snapped up every last bottle) as well as make unique deals with vineyards and wine franchises (as we saw with the recent Chateau Lafite joint venture in Shandong Province).
So what will the increased interest in wine by Chinese consumers mean for global wine markets? The assumption is, at the moment, not much — the idea of wine “speculators,” who plan to hang on to their bottles for years, is likely absent in the Chinese market (yet may exist in a limited form in Hong Kong), and as many analysts have pointed out, one thing that Chinese buyers of fine wines do differently than many of their western counterparts is actually drink the wines they purchase.
Posted in China, Culture, Investment, Luxury
Tagged bordeaux, chateau richelieu, China, chinese, drinkers, france, hong kong, Investment, wine
Rumors Abound That French Super-Retailer Carrefour May Be In Bidding
Will the Rabbit and the Rat finally return to Beijing? Image © Artworld Salon
The Financial Times reports that the recent controversy about the sale of two bronze zodiac heads looted from Beijing’s Old Summer Palace by Anglo-French troops in the 19th century and put on the auction block by the estate of Yves St. Laurent may be close to an end. As you may remember, the auction, held in Feburary, were sold for £14m each, but the anonymous buyer soon revealed his true identity — as the New York Review of Books writes,
Posted in Art, Business, China, Chinese Art, Culture, Investment, Museums
Tagged auction, boycott, cai mingchao, carrefour, China, chinese, christie's, france, french, history, old summer palace, politics, yves st laurent, zodiac
London Takes #1 Spot As China Rapidly Approaches Second Place
Gang Zhao, There is an America, 2007
Artinfo points out today that New York has lost its top spot in art auction sales to London. With the pain of the financial crisis biting wallets and disappointing November sales, New York has seen its traditional lead on London dissipate in 2008. Some may not be surprised by this, given London’s advantage of hosting Damien Hirst’s one-man auction, but what is more of a surprise is China overtaking France for the third-place spot. With auctions in China continuing to do well even during the financial crisis, New York and London are firmly within the China auction market’s sights.
Posted in Art, China, Chinese Art, Culture, Investment
Tagged Art, auctions, China, chinese, Chinese Art, contemporary art, france, London, New York, Paris
Chinese Consumer Trends Following, Expanding On, Western Trends
Domestic sophisticates may turn their noses at Great Wall and other local brands, but they're increasingly buying from foreign wineries
Wine and spirits companies have exponentially increased their outreach efforts in the lucrative Chinese consumer market over the last five to 10 years, with western companies finding varying degrees of success — for scotch producer Chivas, success beyond their wildest dreams; for beer companies, more muted success. In the Chinese market, as the more insightful branding experts have noted, it’s not enough anymore for imported consumer goods to simply be expensive. As the Chinese middle and upper class becomes increasingly sophisticated and develops more focused tastes, companies need to appeal to potential buyers on a personal, visceral level (much as they try to do in developed markets).
Posted in Business, China, Luxury
Tagged China, chinese, fine wine, france, Luxury, sino-french relations, sotheby's, vineyards, vintners, wine