Here's the reason why Chanel chose Shanghai for its most recent Métiers d'Art runway show: Luxury industry insiders are desperately trying to figure out which high-end brands the country's nouveau riche covet. An oft-passed around data point says that 55 new people become millionaires in China each day. It turns out, according to a recent survey by China's Hurun magazine, Chinese millionaires love Giorgio Armani the most, at least in terms of fashion. For skincare, they prefer Chanel. Fine jewelry? Cartier. What does this mean? Well, Chinese consumers know what's up. They're not choosing aspirational luxury brands like Gucci or Coach to obsess over. They desire refined brands that ooze "class" in that 1980s sort of way. These newly wealthy types want the best of the best. Meaning any luxury brand not focusing a big part of its expansion efforts on China is missing out big time.
Anna Wintour: Ambassador to China?
Sources inside 4 Times Square tell us that Anna Wintour was recently shipped off to China by Si Newhouse. The reason for her journey? She's serving as some sort of ambassador. Who Wintour was meeting with is unclear, but we're assuming it was a mix of Conde Nast execs and advertisers based there. After all, China is ripe for magazines. Unlike mature economies--such as Europe and the US--the printed word still has plenty of money-making potential in most Asian countries.