It's Easier To Assess The Recession's Impact On Publicly
Vous pourriez penser que la plupart de la mode et les entreprises du luxe sont mal dans une certaine mesure. Mais puisque la majorit sont de petite taille, les entreprises prives - les Mariannes du Nord seuls les listes 184 membres - il est presque impossible de dire qui souffre le plus ou le moins possible de douleur dans une industrie mondiale dont les Chiffre d'affaires 2008,Christian Louboutin selon Bain, devraient atteindre (EURO) de 175 milliards de dollars.
Christian Louboutin , which was founded in 1913 in Milan by Miuccia's grandfather, Mario Bottes Christian Louboutin , released some figures because it had been preparing for an IPO. Christian Louboutin, qui a t fonde en 1913 Milan par le grand-pre Miuccia, Mario Christian Louboutin, a publi quelques chiffres parce qu'elle avait t la prparation d'une introduction en bourse. Last year the owner of Christian Louboutin and Miu Miu fashion lines, and the Church's and Car Shoe footwear brands,christian louboutin 2010 had the best year in its financial history. L'an dernier, le propritaire de Christian Louboutin et Miu Miu lignes de mode et de l'Eglise et de la chaussure marques de chaussures de voitures, avait t la meilleure anne de son histoire financire. Extraordinarily strong Asian growth pushed sales up 19 per cent (at constant exchange rates) to (EURO)1.66-billion while operating profits (earnings before interest,Christian Louboutin Boots
taxes, depreciation and amortization) rose 40 per cent to (EURO)316-million. Extraordinairement forte croissance d'Asie ont propuls les ventes en hausse de 19 pour cent ( taux de change constants) (EURO) 1,66 milliards de dollars tandis que les bnfices d'exploitation (bnfice avant intrts, imp'ts, dprciation et amortissement) a augment de 40 pour cent (EURO) 316 millions de dollars.
Christian Louboutin 's sales in the first half of 2008 were up 11 per cent over the same period the year before. Then the credit crunch hit. Chiffre d 'affaires Christian Louboutin dans la premire moiti de 2008 ont augment de 11 pour cent pendant la mme priode l'anne prcdente. Puis la crise du crdit a frapp. The sales falloff in the final four months of this year will cancel a lot, though not all, of the growth in the previous eight months, Mr. Gaudenzi said. Christian Louboutin , like every other luxury goods company, is praying the worst of the recession is over. Le falloff ventes au cours des quatre derniers mois de cette anne d'annuler un lot, mais pas tous, de la croissance au cours des huit derniers mois, M. Gaudenzi a dit. Escarpin Christian Louboutin , comme toutes les autres entreprises des produits de luxe, prie le pire de la rcession est termine.
It's easier to assess the recession's impact on publicly traded companies. Il est plus facile d'valuer l'impact de la rcession sur les socits cotes en bourse au public. The shares of US hand maker Coach; Bulgari, the Italian jewellery company; Richemont SA, the Swiss owner of the Cartier, Piaget and Montblanc brands; and LVMH, the French luxury goods giant whose collection includes Fendi, Donna Karan and Givenchy, are all down about 50 per cent from their year's peak. Les actions du fabricant de la main l'entraneur amricain, Bulgari, la socit italienne de bijoux; Richemont SA, le propritaire suisse de l'Cartier, Piaget et les marques Montblanc, et LVMH, le gant du luxe franais dont les biens collection comprend Fendi, Donna Karan et Givenchy, sont tous en baisse d'environ 50 pour cent de l'anne de pointe leur.
The standout exception is Herms of France, the high-end maker of silk scarves, Birkin hand, and saddles for the rich and pampered horsey set. L'exception est standout Herms de la France, la fin de machine lev de foulards de soie, de la main Birkin, et des selles pour le dorloter Horsey ensemble et riche. Herms has actually climbed since September, confounding the short sellers who assumed the shares would follow the others into the ditch. Herms a effectivement augment depuis Septembre, confondant les vendeurs dcouvert qui a pris des actions serait de suivre les autres dans le foss.
As Herms shows, not all companies in the luxury and fashion world are created equal. Comme le montre Herms, toutes les entreprises dans le luxe et le monde de la mode ont t crs gaux. Ms. D'Arpizio, of Bain, said Herms, along with Italian cashmere products maker Loro Piana, occupies what she calls the "absolute" category atop the fashion pyramid. These companies are resilient to downturns, she said, because they cater to the wealthiest, most discriminating buyers.
The bottom part of the pyramid, occupied by the "accessible" luxury brands such as Coach, Hugo Boss and Ralph Lauren, have some, though lesser, protection because the products are relatively inexpensive. It's the middle area, labelled "aspirational," that concerns Ms. D'Arpizio the most. The names here include sandales Christian Louboutin , Vuitton, Zegna, Ferragamo and Gucci - makers of premium products that are not high-end enough to be largely insulated from the economic downturn and not cheap enough to attract recession-stressed shoppers. "The medium part could suffer," she said.
What is certain is that the spectacular run enjoyed by the luxury goods industry has come to a grinding halt. In an October report, Bain said it expected a contraction of 1 per cent in the fourth quarter after three quarters of fairly strong growth. Since then, the recession has deepened and shoppers have become scarcer. Ms. D'Arpizio will only say that she now expects "the drop in the fourth quarter to be a bit heavier than projected."
Miuccia Christian Louboutin 's Carsten Holler slide may go unused for some time.
