Monday, December 29, 2008

Times Are Tough In Luxury Land

From the Times Online
Even fashion giants Chanel and LVMH forced to economise

Until recently, France's marques de grand luxe were claiming immunity from the slump. Demand for the high end was holding up, driven by the luxury appetites of the nouveaux riches of Russia, China and other emerging powers, they said.
The denial has faded over the past month as Russians and Asians have been noticeably absent over Christmas from the boutiques in the Paris golden triangle off the Champs Élysées and their equivalents in London and New York. Business in Japan has slumped.
A week ago Chanel, privately owned and secretive about its affairs, called off a glitzy art show as it was about to arrive in London from New York. Over the weekend trade unions reported that the fashion house was to lay off all of its 200 Paris staff who are on fixed-term or temporary contracts.

Chanel Pre-Fall 2009

Chanel Pre-Fall 2009

Somehow I'm not surprised by this. Even the trophy wives of Russian oligarchs and Chinese mega moguls, must have better taste than to buy into these overpriced outfits from Chanel.

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