World economy down. Hermès sales, up. wtf?

Forbes is reporting that Hermes will post an increase in sales during the first quarter of 2009 while other brands are going down.

Sales fell modestly in Europe and experienced a double-digit decline in luxury-goods-obsessed Japan, but the brand saw increases large enough in non-Japanese Asia to more than make up for decreases elsewhere. The increases were seen mostly in South Korea and China.

看设么看？没看过美女啊？hmm!

China is set to become the 3rd largest luxury goods consumer by 2015. Well, Korea and China have been top luxury goods bootlegger for ages! Look at this informative presentation about luxury goods in China.

I appreciate the breakdown of the luxe consumers.

Noveau (just a pretentious way to say 'new') Rich: Never heard of Hermès. LV rocks their world. Have it, flaunt it. More monograms please!

Understaters: Heard of it all. BORING! No mainstream lux for me.

Connoisseurs : Only the best. I don't starve for my G5. The high life.

Spirituals: Finding the meaning of life is of utmost importance. Generally more guai lan in their consumption of lux.

Wow I used the term 'consumption of lux'. Very JC economics indeed!

The slideshow is very insightful and the strategies of the companies are formidable. I'd put our local market as mostly Noveau Rich (but in the know), a fast growing market of Understaters and a tiny group of Connoisseurs (growing but still not fast enough: richman's girls have not grown up yet) and Spirituals.