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The China Edit | Daigou Agents, Taobao Wipes Out Stores, Jumei IPO, Bespoke

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The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.

Shoppers at Milan’s Galleria Vittorio Emanuele II | Source: Flickr

“‘Daigou’ Agents Help Chinese Get Luxury Goods for Less” (The Business of Fashion)

“A growing number of Chinese residents are turning to overseas retail agents, called daigou, to circumvent steep import duties and get their hands on authentic luxury goods at lower prices. ‘Nearly 60 percent of consumers have made at least some luxury purchases through parallel channels known as daigou (via overseas contacts, Taobao, or other professional buying agencies and websites) rather than from brands or department stores,’ according to a study by Bain & Company, a global consulting firm.”

“Taobao and Other Online Shopping Sites Pushing Traditional Retailers in China Toward Extinction” (Caijing)

“Taobao, along with its sister site TMall, and a host of smaller online retailers including Jingdong, Amazon China and Wal-Mart-controlled Yihaodian, have landed like an asteroid, and are wiping out the ecosystem supporting traditional retail in China, especially brand-name clothing shops.”

“Chinese Online Cosmetics Retailer Jumei Files For $400 Million U.S. IPO” (Reuters)

“Jumei.com, which is among the top 20 most visited e-commerce websites in China, received an investment of more than $10 million from Sequoia Capital in 2011, according to Thomson Reuters publication IFR. Sequoia Capital funds hold about 19 percent stake in the company, according to the filing.”

“China’s Bespoke Demand Spawns Wave of Startups” (CNBC)

“Multinationals selling jets, sports cars, suits and sneakers have all sought to cash in on the new appetite for beautiful one-of-a kind goods. But with the children of skilled artisans choosing white-collar work over the family trade, global brands are finding it difficult to recruit enough skilled workers to justify bespoke lines.”

“China Plans World’s Largest Duty-Free Shop in Hainan Province” (International Business Times)

“China’s Hainan province is planning to build the world’s largest duty-free shop, after the great success of an earlier trial scheme, Xinhua news agency reported citing local authorities. As per the plan, announced by vice governor Tan Li at a Boao Forum for Asia press conference in Hainan, the authorities will relocate an existing duty-free shop downtown in the resort city of Sanya to a 60,000-square-metre complex at Haitang Bay.”

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