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    Luxury in China loses lustre as wealthy flee
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    Security guards stand in front of the soon to be opened largest Louis Vuitton store in China in Shanghai, July 18, 2012. REUTERS/Aly Song
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    <a href="http://www.copywatches.org">all brand watches</a> HONG KONG (Reuters) - Wealthy Chinese are likely to buy fewer luxury goods again this year after the steepest cut-back on spending in at least five years, changing the game for high-end retailers like Louis Vuitton which have staked their growth on China.
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    Chinese are the top consumers of luxury goods globally. A slowdown in their spending, or a change in shopping habits, would hurt high-end retailers already struggling with a weaker Chinese economy and a more sophisticated clientele that has moved away from logo-branded goods.
    Luxury group Richemont, the maker of high-end IWC watches and Cartier jewellery, reported this week slower-than-expected sales growth in the third quarter, largely due to weaker Asian demand.
    LVMH, the world's biggest luxury goods group, has also seen sales growth slow last year as Chinese demand cooled, prompting the company, and brands from rival Kering SA to offer goods with more discreet logos and in expensive materials.
    "In terms of traditional luxury - leathers, accessories, watches - this year is going to be flat if not a little bit down," Hurun Report founder and chief researcher Rupert Hoogewerf told Reuters.
    "For luxuries like tea, healthcare, even education, we are still looking at a booming market."
    The crackdown on conspicuous spending, which began in 2012, is part of a vow made by Chinese President Xi Jinping to be tougher on graft. He has focused in particular on gifts made to government officials often in exchange for preferential treatment or contracts.
    As a result, many wealthy Chinese now buy luxury goods for themselves, rather than as gifts, Hoogewerf said.
    Products by Hermes, Chanel, LVMH's Louis Vuitton brand, Apple Inc and Gucci remained among the most sought-after brands for gifting, the survey showed.
    Less popular were Bulgari - another LVMH brand - Salvatore Ferragamo, Tiffany and Co and the fiery baijiu liquor made by Chinese firm Kweichow Moutai Co Ltd, once the top tipple of Communist Party officials.
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    "There is a much savvier consumer out there," Hoogewerf said. "There will be more purchasing done overseas than in China. For a brand that's global it's fine."
    Over two-thirds of luxury spending by mainland Chinese was overseas in 2013, a factor that contributed to the United States overtaking China as the world's fastest growing luxury market, according to a study by consultancy firm Bain & Company released in December.
    China's super-rich are also avid collectors - 70 percent of wealthy Chinese rank collecting as a hobby - but what they are coveting is changing.
    Ancient calligraphy last year surpassed luxury watches as the most-collected, knocking watches out of the No. 1 spot for the first time in five years, the Hurun report showed, which could mean revenue losses for top watch makers but a boon for auctioneers.
    Patek Philippe remained the most popular watch brand for collectors for the seventh year running while Christie's was the top ranked foreign auction house, the report showed.
    Besides spending less at home, more rich Chinese are leaving the country. The number of wealthy Chinese who have emigrated or are planning to do so rose to 64 percent from 60 percent in the previous year, the survey said.
    Most of those leaving, or planning to, are looking for permanent residency overseas - the United States, Europe and Canada are top picks. Very few want to give up their nationality, perhaps because their outlook for China is improving.
    The report showed millionaires' confidence in China's economy rose for the first time in five years but those who felt "extremely confident" still accounted for only 31 percent of those surveyed.
    The survey's results are based on responses from 393 Chinese millionaires, or those with personal wealth of at least 10 million yuan (£1 million). The Hurun Research Institute has conducted the survey for the past 10 years.
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    Luxury in China loses lustre as wealthy flee
    2 hours ago
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    . View photo</p>
    Security guards stand in front of the soon to be opened largest Louis Vuitton store in China in Shanghai, July 18, 2012. REUTERS/Aly Song
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    <p><strong><a href="http://www.copywatches.org">top brand watches</a></strong> Overall spending by wealthy Chinese fell by 15 percent in 2013, the third consecutive year of decline, according to a survey by the Hurun Report. Spending on gifts in particular also declined by a quarter.</p>
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    <p>Chinese are the top consumers of luxury goods globally. A slowdown in their spending, or a change in shopping habits, would hurt high-end retailers already struggling with a weaker Chinese economy and a more sophisticated clientele that has moved away from logo-branded goods.</p>
    <p>Luxury group Richemont, the maker of high-end IWC watches and Cartier jewellery, reported this week slower-than-expected sales growth in the third quarter, largely due to weaker Asian demand.</p>
    <p>LVMH, the world's biggest luxury goods group, has also seen sales growth slow last year as Chinese demand cooled, prompting the company, and brands from rival Kering SA to offer goods with more discreet logos and in expensive materials.</p>
    <p>"In terms of traditional luxury - leathers, accessories, watches - this year is going to be flat if not a little bit down," Hurun Report founder and chief researcher Rupert Hoogewerf told Reuters.</p>
    <p>"For luxuries like tea, healthcare, even education, we are still looking at a booming market."</p>
    <p>The crackdown on conspicuous spending, which began in 2012, is part of a vow made by Chinese President Xi Jinping to be tougher on graft. He has focused in particular on gifts made to government officials often in exchange for preferential treatment or contracts.</p>
    <p>As a result, many wealthy Chinese now buy luxury goods for themselves, rather than as gifts, Hoogewerf said.</p>
    <p>Products by Hermes, Chanel, LVMH's Louis Vuitton brand, Apple Inc and Gucci remained among the most sought-after brands for gifting, the survey showed.</p>
    <p>Less popular were Bulgari - another LVMH brand - Salvatore Ferragamo, Tiffany and Co and the fiery baijiu liquor made by Chinese firm Kweichow Moutai Co Ltd, once the top tipple of Communist Party officials.</p>
    <p>SAVVIER CONSUMERS</p>
    <p>Affluent Chinese often shop online for the best price globally. They have also become more confident about their fashion choices, mixing high-street clothing and accessories with branded goods.</p>
    <p>"There is a much savvier consumer out there," Hoogewerf said. "There will be more purchasing done overseas than in China. For a brand that's global it's fine."</p>
    <p>Over two-thirds of luxury spending by mainland Chinese was overseas in 2013, a factor that contributed to the United States overtaking China as the world's fastest growing luxury market, according to a study by consultancy firm Bain & Company released in December.</p>
    <p>China's super-rich are also avid collectors - 70 percent of wealthy Chinese rank collecting as a hobby - but what they are coveting is changing.</p>
    <p>Ancient calligraphy last year surpassed luxury watches as the most-collected, knocking watches out of the No. 1 spot for the first time in five years, the Hurun report showed, which could mean revenue losses for top watch makers but a boon for auctioneers.</p>
    <p>Patek Philippe remained the most popular watch brand for collectors for the seventh year running while Christie's was the top ranked foreign auction house, the report showed.</p>
    <p>Besides spending less at home, more rich Chinese are leaving the country. The number of wealthy Chinese who have emigrated or are planning to do so rose to 64 percent from 60 percent in the previous year, the survey said.</p>
    <p>Most of those leaving, or planning to, are looking for permanent residency overseas - the United States, Europe and Canada are top picks. Very few want to give up their nationality, perhaps because their outlook for China is improving.</p>
    <p>The report showed millionaires' confidence in China's economy rose for the first time in five years but those who felt "extremely confident" still accounted for only 31 percent of those surveyed.</p>
    <p>The survey's results are based on responses from 393 Chinese millionaires, or those with personal wealth of at least 10 million yuan (£1 million). The Hurun Research Institute has conducted the survey for the past 10 years.</p>
    <p>(Editing by Miral Fahmy)</p>
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    Vertu Constellation Adds aptX® Low Latency Support for Seamless Wireless Audio Streaming
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    23 hours ago
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    omega watches omega replica watches SAN JOSE, Calif. & CAMBRIDGE, United Kingdom--(BUSINESS WIRE)-- replica watches CSR plc (LSE: CSR; NASDAQ: CSRE) today announces that Vertu, the world’s foremost luxury mobile phone manufacturer, has chosen CSR’s aptX® Low Latency audio compression codec to ensure its latest smartphone, the Constellation , delivers high-quality Bluetooth® stereo audio, with a delay of under 40ms. This ensures seamless audio/video synchronization for video and gaming as well as providing the high quality wireless listening experience that aptX users have come to expect. replica watch The handset, now available at selected stores, allows users to stream audio over a Bluetooth connection to aptX-enabled wireless speakers and headsets, while maintaining CD-like audio quality that is crisp and clean. replica omega seamaster “Vertu places great emphasis on craftsmanship, engineering and technology,” said Massimiliano Pogliani, Vertu’s Chief Executive Officer. “We aim to deliver a unique sensory experience to our customers and by choosing aptX, we are ensuring that they will enjoy a superior wireless listening experience when playing audio from their Vertu Constellation.” <a href="http://www.omicrongammaomega.com">fake omega seamaster</a> “The Constellation is an exciting luxury product whose owners will have high expectations,” says Anthony Murray, Senior Vice President, Business Group at CSR. “It is a visually striking device made from high quality materials, so the audio quality needs to be just as impressive. The aptX logo is a sure sign that the phone will deliver on this front and the fact that Vertu has chosen to support it is a reflection that the technology is the audio codec of choice for high-end consumer devices.” The prestigious brand is the latest to join the ever-expanding aptX ecosystem , a community that now boasts over 200 high-profile manufacturers such as Samsung, Sony, Monster and SMS Audio. These manufacturers all use aptX across a range of audio devices including smartphones, tablets, wireless speakers and headsets to enhance the wireless listening experience. About CSR CSR is a global provider of innovative silicon and software solutions for the location-aware, media-rich, cloud-connected world. Our platforms are optimized for the automotive navigation and infotainment , digital cameras and imaging, connected home infotainment and wireless audio markets. We provide solutions to complex problems in the audio-visual, connectivity and location technology domains across a broad range of markets, with a technology portfolio that includes GPS/GNSS systems, Bluetooth® , Wi-Fi®, FM, NFC, aptX® and CVC™ audio codecs , JPEG, MPEG, H.264 imaging, PDL printing, microcontrollers, DSPs and broadband receivers. CSR's technology solutions and market platforms enable its customers to deliver a superior user experience and are adopted by leaders in the auto, computer, home and mobile markets. More information can be found at www.csr.com . Keep up to date with CSR on our technical blog or CSR people blog , YouTube , Facebook or follow us on Twitter at twitter.com/CSR_plc . About Vertu Vertu aims to deliver the world’s best luxury mobile phone experience for its customers by combining expert craftsmanship and peerless materials with innovative technology and unique services. Today, Vertu leads the market that it pioneered over a decade ago. The Vertu range of mobile phones is made up of three distinct models – Vertu Ti, Signature and Constellation. Vertu mobile phones are handmade in Hampshire, England using the world’s finest materials, with each one assembled by a single craftsman. Vertu is renowned for its curated services; a suite of carefully selected exclusive offers, content and assistance especially selected to enhance the Vertu customer’s lifestyle. Vertu CONCIERGE is available on Vertu Signature and Vertu Ti models and offers luxury lifestyle assistance and enrichment from a team that is on-hand 24/7 to facilitate your every request. Vertu LIFE offers personalized recommendations and privileged access to experiences and events. Vertu CERTAINTY delivers security for customers, their data and their phones. Vertu is available from around 500 stores, including 70 Vertu Boutiques, in 66 countries. For more information please visit www.vertu.com . CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS This press release contains certain statements (including statements concerning plans and objectives of management for future operations or performance, or assumptions related thereto) that are not historical facts and constitute ‘forward looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 in relation to CSR’s aptX audio codec technology, and their performance characteristics in smartphones and other consumer electronic products, and other future events and their potential effects on CSR. These forward-looking statements can be identified by words such as ‘will,’ ‘can deliver,’ ‘offers', 'allows', 'to enhance,’ ‘enables,’ 'designed to' and other similar expressions regarding the performance characteristics of CSR’s aptX audio codec technology, and their performance characteristics in smartphones and other consumer electronics products, and their potential effects on CSR. Any future release of CSR’s aptX audio codec technology or consumer electronics products containing such technology, related products or modifications to such products’ capability, functionality or features are subject to ongoing evaluation by CSR and its customers, and may or may not be implemented and should not be considered firm commitments by CSR or its customers and should not be relied upon in making purchasing decisions. Such forward-looking statements represent the current expectations and beliefs of management of CSR, and are based upon numerous assumptions regarding CSR’s business strategies and the environment in which CSR will operate and therefore involve a number of known and unknown risks, contingencies, uncertainties and other factors, many of which are beyond the control of CSR, including, but not limited to, those detailed from time to time in CSR’s periodic reports (whether under the caption Risk Factors or Forward Looking Statements or elsewhere), which are available at the SEC’s web site http://www.sec.gov . Each forward looking statement speaks only as of the date hereof. CSR does not undertake to release publicly any updates or revisions to any forward looking statements contained herein, otherwise than required by law. Bluetooth® and the Bluetooth logos are trademarks owned by Bluetooth SIG, Inc. and licensed to CSR. Wi-Fi®, Wi-Fi Alliance®, WMM®, Wi-Fi Protected Access®, WPA®, WPA2®, Wi-Fi Protected Setup™ and Wi-Fi Multimedia™ are trademarks of the Wi-Fi Alliance. Other products, services and names used in this document may have been trademarked by their respective owners. Consumer Discretionary Technology & Electronics
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    Contact:
    Constellation Kelly Biemer, 410-470-9700 kelly.biemer@constellation.com
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