“Apple Inc has taken the number one luxury gifting spot in China from designer goods maker Hermes International SCA, according to a Hurun luxury report on Thursday,” Adam Jourdan reports for Reuters.
“The U.S. tech firm’s focus on glitzy stores and high prices helped it post a 70 percent rise in sales in China in the last three months of 2014 and powered the company to the largest profit in corporate history,” Jourdan reports. “Spending on gift-giving overall dropped 5 percent in 2014, after a 25 percent drop the year before, according to the Hurun Chinese Luxury Consumer Survey. Beijing has been cracking down on corruption and luxury spending among public officials, weighing down sales of premium liquor to handbags.”
Jourdan reports, “Apple in first place was followed by LVMH Moet Hennessey Louis Vuitton SE, Kering SA’s Gucci and Chanel.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “David E.” for the heads up.]
Apple iPhone No. 1 in China smartphone market share – January 27, 2015