Due to decrease of customer traffic, Italian luxury brand Prada will close its largest flagship store in Hong Kong.
Chinese B2C e-commerce platform JD formally announced cooperation with Prada.
International sunglasses retailer Sunglass Hut opened a new store in Hangzhou's Intime Wulin store, which is the brand's third store in the city following the ones in Hangzhou Kerry Centre and Hangzhou Bailian Outlets.
International luxury brand Louis Vuitton officially confirmed that the company will close two stores located in Shanghai and Shanxi, respectively, by the end of March 2016.
Has the bubble of Chinese buying copious amounts of luxury goods popped?
According to Patrizio Bertelli, president of Prada Group, the Italian luxury brand plans to open nearly 80 new specialty stores in 2013, including one flagship store in Milan and 12 stores in China.
Prada has announced plans to open 50 new stores in China in the next three years.
According to local media reports, the Italian luxury brand Prada is researching the possibilities of launching initial public offering in Hong Kong in the first half of 2011.
According to reports in Chinese local media, Lu Qiang, president of Shanghai-based brand product discount store operator Foxtown, has claimed that he has acquired a 13% stake in the Italian fashion company Prada. However, Prada…