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China BizTech News Weekly Digest – April 14, 2014

 Editing by Su-Jun Lim

Right Brain, Left Brain | Learning from Luxup


Luxup, a British high-end fashion online retailer, has downsized and ceased trading, becoming the latest international venture to fail in China e-commerce market. It offered invitation-only club members exclusive luxury products while traveling. Flawed business model is to be blamed, in addition to its lack of cultural attunement.


What It’s Like to Get Up-Close and Personal with China’s New Elite


The term “tuhao”, a Chinese term for nouveau riche, has gone viral. British writer based in Shanghai, Susie Gordon describes her experience with “tuhao” and the luxury lives of the newly rich families in modern China.


What Alibaba’s IPO Means for E-tailing in the US


Despite its hype and dominance in China, Alibaba may be less of a threat in the US, facing problems not different from Amazon or eBay in China. Alibaba is likely to maintain its focus on China market following the highly anticipated US IPO. It is most likely aiming to offer a gateway for US retailers to access Chinese shoppers and consequently introducing new Western products into China market.


Rakuten Takes Its Banking Services Globa, Launching A Credit Card and Loyalty Scheme in the US


Japan’s Rakuten partners with First Natinoal Bank of Omaha to launch Rakuten Rewards Mastercard©, its first US credit card, in its effort of worldwide expansion.


US Real Estate Marketplace Zillow Targets China Buyers in Beijing Website Deal


Seattle-based Zillow Inc partners with Leju in Beijing, an E-House China Holdings Ltd subsidiary, to tap into Chinese homebuyers as Chinese investments in overseas properties continue to soar. In 2014, the U.S. was the second favorite investment destination after Britain, totaling $2.3 billion.

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