From flash ‘Guchi’ trainers to fashionable ‘Caiwen Kelai’ boxers, Mumbai’s popular Chor Bazaar (meaning “thieves’ market”) can fulfil all your luxury desires. Often for less than Rs100 ($1.62) a pop.
India’s market for counterfeit luxury goods is expanding at a compound annual growth rate of as much as 45 per cent, according to a new report from the the Associated Chambers of Commerce and Industry of India. But some analysts reckon the numbers themselves lack the ring of authenticity. Continue reading »
Luxury shopping: not as popular as it was
By Ben Aris of bne
A Russian joke from the 1990s: Two Novy Russkis meet on the street. “Nice tie,” says the first. “How much did it cost?”
“Its Hermes,” says the second. “It cost a $100!”
“You’re crazy!” says the first. “I know where you can buy the same one for $200!” Continue reading »
Russian collectors are a growing force on the booming global art market, where prices for trophy works are beating all-time records. But it is Russian art that will take centre stage next week as leading auction houses in London offer an eclectic range of important works from the 19th and 20th centuries.
Russian art is not yet fully appreciated by international connoisseurs. But rich Russians can’t get enough of it. They’re prepared to fork out huge sums for a slice of their national heritage. Continue reading »
Let's go shopping
We have a new class of customer in town, or in India at least – the “closet consumer”.
India accounts for just 1-2 per cent of the global market for luxury but this is set to rocket thanks to a newly wealthy section of the population, according to a new research from the Confederation of Indian Industry and IMRB International, the market researchers. Continue reading »
The luxury goods market is heavily reliant on China, that much is clear. So any economic slowdown or reduction in asset prices – or anti-corruption drive, for that matter – can hurt the market.
But “luxury” is a pretty diverse market. So which products are most affected by the whims of the Chinese consumer, or by the direction of the government? Continue reading »
When guessing the nationalities of which wealthy shoppers currently fuel the ongoing boom in global luxury sales, there can be little question as to which countries are leaders of the pack.
But beyond the predictable spending power of Chinese, Russian and Japanese travellers – it seems that some rather unexpected contenders are snapping at their heels. Continue reading »
Tiawanese yacht makers like Horizon and Bluewater have helped push the country up the ranking of leading boat makers. The problem is that the whole industry has shrunk as a result of the global financial crisis. The FT’s Sarah Mishkin reports from Kaohsiung in southern Taiwan.
So far, China has been the emerging market worth watching in the art world. Now, the big boys are getting serious about India, too.
Christie’s said this week it would hold its first auction in Mumbai in December. Continue reading »
Dalian Wanda Group, China’s largest premier commercial property and entertainment conglomerate, confirmed on Wednesday that it’s going ahead with a widely-signalled £320m deal to buy control of Sunseeker International, the British luxury yacht maker, and a £700m luxury hotel development in central London.
The £1bn combined investment highlights the ambitious Chinese developer’s commitment to international expansion and its faith in the British economy – or at least in two sub-sectors of great interest to wealthy Asians. Continue reading »
Worried about the slowdown in the Chinese economy? Or Beijing’s austerity drive? Lane Crawford, the iconic Hong Kong purveyor of luxury brands, is not.
It says the time is just right to open a shop in Shanghai which, at 150,000 square feet, is twice the size of any other Lane Crawford store anywhere. It will open in September. Continue reading »
China has been the bright spot in the luxury car universe for years, but in the first quarter of this year growth slowed to only 4 per cent. The FT’s Patti Waldmeir reports on how the Chinese government’s anti-corruption drive and a slowing economy are hitting luxury car sales.
Wow. We knew Chinese babies were guzzling back so much foreign-made formula that British and supermarkets had to impose rationing. Now it appears their parents are handing over cans of stuff as gifts at Chinese new year, rather than the more traditional – and surely welcome – bottles of Scotch and Cognac. Continue reading »
By Irene Madongo and Rob Minto
When it comes to new markets for top-class wines, most people tend to think of China buying up France, by the bottle and by the vineyard.
So when it comes to champagne, where are the big growth markets? The Brics? To an extent, yes. But there is one country high on the list that might surprise: Nigeria, which is expected to see the second biggest increase in sales volume over the next five years. How come? Chart of the week takes a look. Continue reading »