Bottega Veneta Opens First Second-Tier Location In Nanjing: Bottega Veneta recently announced the grand opening of their first Nanjing location, the Italian brand’s eighth store on the Chinese mainland. The new store, designed by creative director Tomas Maier, is specially outfitted to showcase what the company calls its ‘dedication to artistry and excellence.’ Though the opening of a new location generally isn’t terribly newsworthy in itself, one interesting facet to this story is that it shows how major luxury brands like Bottega Veneta are becoming more confident about venturing into more second-tier cities. Currently, Bottega Veneta has stores in Beijing, Shanghai, Shenyang and Shenzhen — all of which are among the five richest cities in China. The Nanjing store, as the brand’s first foray out of the relative safety of top-tier markets, then is likely a sort of ‘experiment’ before Bottega moves on to other interior cities. Although Nanjing as a city is far from poor, compared to more cosmopolitan markets like Shanghai it is relatively untested as far as luxury retailing is concerned. (Via Jing Daily.)

Li Ka-shing is HK’s richest: Forbes: Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd, is Hong Kong’s richest person with a net worth of $21.3 billion, Forbes Asia Magazine reported, after his wealth gained $5 billion in the past year. The total net worth of Hong Kong’s 40 richest people swelled to $135 billion, up from $82 billion a year ago, the magazine said. Not one list member is poorer, it said. Still, the list members’ combined wealth remains below its 2008 high of $179 billion. Li Ka-shing’s fortune is less than the magazine’s $32 billion estimate of his wealth in 2008. (Via China – People’s Daily Online.)

First High-end food supermarket opens in Guangzhou: Guangzhou’s first high-end food supermarket named TASTE opened in the China Plaza February 2. Imported apples, pumpkins and baskets filled with various goodies costing 100, 1,000 and 10,000 yuan each respectively attracted attention from numerous customers. Covering an area of 4,300 square meters, the Guangzhou-based TASTE outlet is a fashionable, modern and high-end food supermarket providing a wide range of Chinese and western-style food products. (Via China – People’s Daily Online.)

Guthy-Renker Sets Up China Distribution Agreement: The Chinese marketing company Acorn International Inc. and U.S.-based Guthy-Renker have entered into an exclusive agreement for Acorn to market Sheer Cover cosmetics in China. Under the agreement, Acorn will be Guthy-Renker’s exclusive agent to market and distribute Sheer Cover in China. (Via China Sourcing News.)

Real estate bubble likely in Taipei: expert: (ChinaPost.com.tw) – A housing bubble may plague Taipei City’s real estate sector, which has seen a compound annual average growth of 11 percent, an official with Fitch Ratings warned yesterday. (Via Taiwan Headlines – Business.)

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