Luxury Hangover LVMHs Selective Retailing division will have sales of 14.7 billion euros in 2017, Sanford Bernstein estimates. The units 13 percent compound annual revenue growth, fueled by Asian and Latin American shoppers, is almost double the brokerages estimate for LVMHs fashion and leather-goods business and about three times Euromonitors forecast for luxury overall. Slowing luxury demand isnt unique to LVMH. After binging on goods from Rolex watches to Hermes (RMS) Birkin bags, shoppers have cut spending as the economy splutters. Consumption is weaker in Europe, Taiwan and Korea and China isnt as buoyant as it was two years ago, PPR Chief Financial Officer Jean-Marc Duplaix said in April after its Gucci brand reported its slowest sales growth since 2009, excluding currency swings. Yet Sephora and DFS keep growing. New stores in Shanghai and Hong Kong fueled a 17 percent gain in first-quarter comparable sales at the Selective Retailing division as the regions nascent middle class splurged on goods like Bobby Brown cosmetics and Johnnie Walker whisky. LVMH declined to make executives available to discuss the business. Wide Appeal Providing a broad range of skincare and fragrances has been key to Sephoras success since it was founded in 1969.
Jet-set monk hunted on sex charge
The price points ensure there is something for all tastes and budgets. ‘Hermes is known as the leading luxury handbag designer and it is unsurprising that the iconic Birkin and Kelly designs continue to thrive at auction,’ says Pat Frost, director of Christie’s fashion department. ‘Exquisite quality is at the heart of Hermes handbags and this sale offers the creme de la creme of Hermes designs with a number of timeless pieces and rare exotic leathers. ‘The online-only format of this sale follows hot on the heels of our successful Vintage Couture: Handbags, Luggage and Accessories sale in April this year. ‘This sale which runs for 10 days provides another extended opportunity for buyers around the world to purchase handbags and accessories by some of the greatest designers of all time.’ Handbag history: A lesson Hermes Kelly and Birkin bags continue to be highly sought-after and have become increasingly popular since they were first designed. Birkin bags were inspired by English actress and singer Jane Birkin in the 1980s. In a chance encounter with the former Hermes CEO on an airplane, the celebrity suggested the design for a weekend bag, which paved the way for the consistently popular Birkin bag. The Kelly bag was named after Grace Kelly, who in 1956 had just become Online Louis Vuitton Princess of Monaco and was seen carrying the original leather ‘Sac a depeche’ to hide her pregnancy.
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Nenkham, who also goes by the name Weerapol Sukpol, now faces charges of violating Thailand’s computer crime act by posting “deceitful information,” having sex with a minor and rape, authorities say. A female plaintiff who claimed Nenkham had sex with her when she was 14 years old submitted a request for a DNA test for her 11-year old son, says Tharit Pengdit, Director General of the Department of Special Investigation. They are still awaiting results. Nenkham’s bank accounts also continue to be under investigation because of an unusually large amount of bank transactions, add Thai authorities. Nenkham is now believed to be in the United States and in California, according to an “intelligent source,” says DSI. The fugitive owns a Buddhist retreat some 75 miles south of Los Angeles. We have been unable to reach Nenkham for comment. On Thursday, CNN went to where the monk is believed to be staying. While they offered no official statement, one resident monk said Nenkham had not been seen at the retreat in three months. A second monk said Nenkham had not visited for a year.
Louis Vuitton Raised Most Non-Leather Handbag Prices, HSBC Says
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Bag a bargain! Hermès, Chanel and Louis Vuitton among 84 designer handbags up for online-only auction from 2pm TODAY
The trunk maker owned by Paris-based LVMH Moet Hennessy Louis Vuitton SA (MC) lifted prices on bags such as the Speedy and NeverFull by about 10 percent in the euro region, Antoine Belge , an HSBC analyst, said today in a note to clients. Vuitton raised prices by at least 10 percent in the U.K. and U.S., and by 5 percent to 10 percent in Asian markets including China, Hong Kong, Taiwan and Singapore, the analyst wrote. The euros strength against some currencies may lead LVMH to charge more, Chairman and Chief Executive Officer Bernard Arnault said Jan. 31. Vuittons price increase in Japan, the biggest ever by the brand in the country, was taken to offset the impact of the yens slide on sales, the company said Feb.