"It's finally happened: Chinese consumers are now the world's pre-eminent luxury shoppers, according to McKinsey & Co., accounting for about 35 percent of worldwide luxury purchases.
The newly minted purchasing power of the Chinese consumer has left most foreign brands reactive rather than proactive. While less than a quarter of luxury brands sell online direct to Chinese consumers, Chinese buyers flock to the online bazaar Taobao, owned by Alibaba (NYSE: BABA), where they can find 190,000 Chanel products, for example, we recently found in a Bomoda study. Alibaba has managed to stay one step ahead of the competition."
What Luxury Brands Can Learn from Alibaba
is my attempt to share (via this website as well as twitter) relevant finance stories from Asia that I find interesting (on a daily basis).