No one is safe from the dragging economy. The latest victims, Chanel and Louis Vuitton! Chanel will be laying off 200 workers that were on fixed terms or temporary contracts.
Louis Vuitton cancelled a plan for a Louis Vuitton megastore in the Ginza district of Tokyo. They have seen a drop of 44% of its share value in 2008.
This Christmas I did notice so many major fashion houses discounting their merchandise by as much as 50%. I am hoping the prices drop a bit more! Gucci, one of my favorite, had bags down to $500 dollars that were originally over $1,000.00! Cartier & Montblanc have also seen a decline in sales.
I agree fully with Alain Nemarq, the chairman of Mauboussin.
“The pursuit of exclusive trophies … is finished,” he wrote in Le Figaro last week. “We will now return to reason, decency and discretion.”
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