The China Edit | Overseas Spending, Prada in Hong Kong, Luxury Counterfeiting

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.

Prada store, Hong Kong | Source: Shutterstock

"China Has a Yuan for Luxury, But Not at Home" (The Wall Street Journal)"China’s shoppers are the world’s biggest force in global luxury spending, but the latest industry research says they’re increasingly taking the vast majority of their purchases overseas."

"Prada's Hong Kong Phooey" (Australian Financial Review)
"When Prada floated in 2011, it did so in Hong Kong. The move made perfect sense back then."

"Bank of China Refuses to Give US Court Account Details of Luxury Goods Counterfeiting Suspects" (Yahoo News)
"A US judge has held the Bank of China in contempt for refusing to hand over the account information of Chinese suspects accused of selling counterfeit luxury goods. The records sought involve Chinese entities that were sued in 2010 by subsidiaries of luxury goods conglomerate Kering including Gucci, Yves Saint Laurent, and Bottega Veneta."

"Chinese Manufacturing Activity Worsens" (BBC News)
"Factory activity in the world's second largest economy, China, deteriorated in November as the manufacturing sector continued to shrink."

"IMF Approves Reserve-Currency Status for China's Yuan" (Bloomberg)"The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan."