Baccarat stays bullish on China

By Michelle Zhang | June 20, 2009, Saturday |

Print Edition

Baccarat Residences Shanghai, formerly known as Residence 8, was launched yesterday, and the French company managing it has plans to open more properties in China.

The residential project is managed by Baccarat Hotels and Resorts, a five-star luxury hotel brand owned by Starwood Capital Group, which is also the major shareholder of Baccarat, one of the most prestigious French crystal manufacturers.

"I think it (the project) is a great way to let more Chinese people know about the brand," said Herve Martin, CEO of Baccarat.

Located in Xintiandi, the project houses 308 luxurious apartments in an east and west tower complex.

"China manages to overcome the current recession better than many other countries," Martin said. "I think now it's time for us to expand in the country."

The company also plans to open more properties under the Baccarat Hotels and Resorts brand in Shanghai, Beijing and Hong Kong.

Although it has been in the Chinese market for nearly two decades, the Baccarat brand is not largely recognized in the country. It has five stores in Shanghai and Beijing and has plans to open at least five more stores in five years, including a "Maison Baccarat," which is the latest store concept of the 245-year-old crystal brand.

Real Estate

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Baccarat stays bullish on China

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