Since 2012, Western luxury houses have been going through a slumping phase in their most profitable market China. Gucci has closed stores in second-layer cities across China, Prada has experienced its gloomiest sales in a decade and Swiss watches are struck with the lowest increase in recent years.Moreover, Bain & Company has demonstrated in its newly … Read more
No more luxury items, goods or commodities above certain standards in the Chinese government agencies. The Chinese government promulgated a new regulation designed to reduce administrative costs for government and public institutions, informed xinhuanet. The regulation explicitly prohibits government agencies from purchasing luxury items, goods or commodities, as well as defines a frugal working style … Read more
Chinese government pledged to ban the use of public funds to buy cigarettes and “high- end” alcohol. “Corruption is the biggest danger facing the ruling party,” Chinese Premier Wen Jiabao said, according to an official statement. “If not dealt with properly, the problem may change the nature of, or terminate, the political regime.” Wen Jiabao, … Read more
Debate is raging in China about officials’ spending on wining and dining, funded by public money. This year particular attention has been paid to Moutai, Chinese liquor also known as baijiu, a high-priced drink beloved of China’s wealthy businesspeople and officials. Recently ranked the fourth-most valuable luxury brand in China on the Hurun Report’s 2011 … Read more
“A simple watch can reveal the hidden corruption of some greedy officials and it shows that corruption leaves its mark.” Authorities in Beijing have censored a survey of luxury watches worn by Chinese government officials published online by an activist whose investigation was welcomed by the official media. Internet activist “Huaguoshanzonshuji” told AFP that his … Read more