Italian luxury fashion house Max Mara has opened its biggest store in Asia with the grand opening of its Avenue De Luxe flagship store in Beijing.
Covering four floors, the 800 square-metre store was designed by Duccio Grassi Architects, and is "characterized by a striking illuminated façade, destined to become one of the landmarks of luxury retail in Beijing", according to the company.
Max Mara currently has over 238 stores in nearly 40 Chinese cities in the mainland and has 36 stores in Hong Kong.
French luxury house Hermès reports today that second-quarter sales grew 5.8 percent, a slower sales growth rate than in recent quarters. Hermès said its sales in the second EUR963 million (USD1.3 billion) second quarter, up from EUR910 million (USD13.5 million) last year. Excluding currency fluctuations such as the weakening yen, sales would have increased 9.6 percent.
With majority of Chinese affluent e-commerce shoppers considered aspirational, ambitious and affluent (Gen AAA), consumption of luxury goods among the Chinese continues to surge online, a new report by research firm Agility Research & Strategy.
While global high-end brands are stepping up the battle for Asia's burgeoning luxury shoppers, Geneva-based watch manufacturer Patek Philippe prefers to keep things slow.
"We don't want to put all our eggs in the same basket so we are very careful not to increase too much in Asia," Philippe Stern, honorary president of the 175-year old Swiss firm told CNBC's "Managing Asia".
Burberry, the UK luxury fashion brand, has announced a strong rise in sales but warned that profits could be hit by unfavourable exchange rates.
Retail revenues for the three months to the end of June were GBP370 million (USD633.4m), up almost 10 percent from a year earlier, while like-for-like sales increased by 12 percent.
Sales were particularly strong in mainland China and Hong Kong.
According to official financial reports filed by luxury companies with a presence in South Korea, fiscal 2013 was marked by sluggish sales growth as more consumers made shopping trips abroad for savings.
Givenchy pursues its global retail expansion, with yet another landmark opening, this time with a dedicated accessories boutique at Hong Kong International Airport.
We all love a designer label and we all love a bargain, but biannual sales only happen, well, twice a year. So what do we do during those other months when we want to feed our designer habit, but are on a budget? We turn to the internet.
The EUR8.3 billion (USD11.33b) South Korean luxury market, Asia's third largest behind China and Japan, has become a tougher place for global fashion houses to compete as young consumers turn to more accessible "contemporary brands" amid waning popularity of expensive premium brands such as Gucci, Louis Vuitton, Ferragamo and Burberry, and with domestic consumption mired in a prolonged slump.
Luxury retailers in China are suffering amid an anti-corruption drive and uncertain economic outlook and they're unlikely to recover anytime soon, analysts say.
"The anti-corruption crackdown in China is having a significant impact on luxury retail sales, from fashion garments, to shoes and watches," said Charles Yan, head of greater China Consumer Research at Standard Chartered Bank in Hong Kong. "We don't think it will recover quickly – at least not this year or next year."