MediaCorp, one of Singapore’s two largest media companies, has poured $40 million into Reebonz in a deal that values the designer brand flash-sales site at about $200 million. This is the first time that MediaCorp has invested in an online retailer, according to a story on Channel News Asia (a site that is also owned by MediaCorp).

Growth in luxury-goods spending will be sustained this year as booming demand in Southeast Asia offsets a slowdown in China and Europe, according to Bain & Co. Worldwide luxury sales will rise 4 percent to 5 percent to as much as 222 billion euros ($285 billion), excluding currency shifts, the consulting company estimated in a report published today.

MILAN--(BUSINESS WIRE)--Worldwide luxury goods market revenues will grow as much as 50 percent faster than global GDP, with an expectation of four to five percent growth in 2013 and five to six percent annual average through 2015, on track to break the €250 billion sales threshold by mid-decade;

NEW YORK — Auction history was made at Christie’s postwar and contemporary evening sale on Wednesday, which raked in $495,021,500 — the highest ever tally for any auction in any category. It nicked the $491.4 million mark set at Christie’s Impressionist and modern evening sale back in November 2006, the previous high for any single auction. The tally also eclipsed last May’s $388.4 million total.

Prince Alwaleed bin Talal has asked investment banks to identify possible acquisition targets around the world and plans to sell its stake in 20-30 hotels in the next two years, he told Reuters on Monday.

Richemont Group, world’s second largest luxury group, reports positive financial results for the full year to 31st March 2013: sales increase of 14% to 10,15 billion euros, 30 % growth in profit to 2 billion euros and an 18% increase in operating profit to 2,42 billion euros.

A while ago, we featured Tokyo as the city with the most millionaires. Here is the complete list of wealthy cities with some analysis by Paul Johnson:

It is just three years since the investment fund Qatar Holding, a subsidiary of Qatar Investment Authority, paid $1.7 billion on behalf of Mohamed Al Fayed to purchase the famous London department store Harrods, founded in 1840.

Italian luxury house of Salvatore Ferragamo reports a 103% growth in net profit for the first quarter of 2013 to 24 million euros, compared to the same period last year. Ferragamo also reports for the Q1 of 2013 a 9% rise in its turnover to 282 million euros and EBITDA increase of 29% to 39 millon euros.

Qatar’s Katara Hospitality which owns hotels such as Raffles Singapore, Royal Monceau Raffles Paris and Excelsior Gallia Milan, is in talks to buy US-based Colony Capital’s stake in Fairmont Raffles Hotels International, the privately held hotel group, according to a report by FT.com.

Following the acquisition of Vertu last year by EQT Partners, the luxury mobile phone maker based in the U.K. has been pursuing an aggressive international retail expansion, focusing on mono-brand boutiques. Vertu has recently confirmed that, by the end of 2013, the company will open 49 new mono-brand boutiques, bringing the total number of boutiques from 71 to 120.