Prada, Samsonite and L’Occitane have chosen to stage stock market listings in Hong Kong.

Shoppers like Chen Zhuhang and Lin Xing are the reason that Prada, Samsonite and L’Occitane have chosen to stage stock market listings in Hong Kong.

Neither of the two men professed much interest in investing in the Italian luxury fashion house Prada, whose shares began trading amid much fanfare on the Hong Kong stock exchange Friday. But both were out shopping on the luxury-store-studded Canton Road in Hong Kong a few days ago.

“My favorite brands are Prada and Gucci,” said Mr. Lin, who comes from Fujian Province, on the southeastern coast of China, and was visiting Hong Kong. “Today, I bought a pair of shoes and a bag for myself from Gucci.”

His friend Mr. Chen was carrying a Gucci shopping bag containing a light brown leather purse that he had bought for his girlfriend for about 9,000 Hong Kong dollars, or $1,155.

Consumers like these have been flocking to shops all over Asia.

Their spending power and tastes, and their willingness to show off their increasing wealth, are behind a sea change that has taken place in the global luxury industry over the past few years.

With the West struggling with weak economies, Paris, Milan, London and New York are no longer the dominant centers of global luxury spending. Increasingly, that center is shifting eastward, to booming cities like Seoul, Shanghai, Mumbai and Hong Kong, whose glitzy malls now easily rival Bond Street, the Champs Élysées or Fifth Avenue in terms of high-end shopping opportunities.

“We are positive that the Greater China region is going to be one of the most interesting markets for the future of the luxury industry,” Patrizio Bertelli, the chief executive of Prada, said amid a blizzard of camera flashes and jostling journalists and bankers at a ceremony for the listing of the company in Hong Kong on Friday. “This is a very important moment for our company, and it’s an accomplishment after many years.”

Prada’s decision to list in Hong Kong, rather than in Milan, where it has been based for nearly 100 years, is in part the result of a desire to tap into a deep-pocketed group of Asian investors — funds and wealthy individuals — who feel more comfortable putting their money in stocks listed here, and not in faraway Europe.

But it also reflects a desire to be closer to an area that is fast gaining significance for the luxury industry as a whole. For some luxury and consumer goods companies, the region now contributes a third or even half of global sales and earnings, a sharp increase from just a decade or two ago.

Many brands have responded with a rapid expansion of their store networks, turning what were once economic and fashion backwaters in China and South-East Asia into high-end shopping havens.

Take LVMH Moët Hennessy Louis Vuitton, the biggest luxury group in the world. Last year it generated about €6.9 billion, or $9.7 billion, in revenue in Asia, where it operates more than 800 stores. That compares with €4.6 billion and 570 stores in the United States.

Ermenegildo Zegna, the Italian menswear company, which opened its first shop in Beijing in 1991, has more than 70 stores in Greater China — mainland China, Hong Kong and Taiwan — now Zegna’s biggest international market.

Prada has lagged behind others somewhat in terms of expansion in mainland China in recent years. But about half the company’s 319 outlets around the world are in the Asia-Pacific region, more than a dozen of them in Hong Kong.

Prada, whose handbags and Miu Miu dresses can set shoppers back more than $1,000, plans to open dozens more, using some of the proceeds from its $2.1 billion stock market debut.

Market nervousness about the protracted debt crisis in Greece and the world’s economic growth prospects meant that Prada’s debut, and that of the luggage maker Samsonite earlier this month, did not raise as much money as those companies had hoped for.

London’s Attractions

Ah, London Town! Home of the Queen, Chelsea FC, Sherlock Holmes… and of course, millions of tourists every year. So how best to make the most of your London experience? With thousands of things to, see, eat and try, it’s important to stay organised…and to remember that when it comes to deals it isn’t just cheap theatre tickets London has to offer.

To that end, simply read through this handy list of must-dos we’ve compiled for you.

For the refined at heart (or romantics), you simply must try high tea at Claridges. Mouth-watering, indulgent and very English, this afternoon treat is perfect for people with a sweet-tooth. With sandwiches, scones, cakes and a selection of 30 different teas, there's enough to spoil even the most picky of people, so it’s best to wear something loose-fitting but fabulous enough for the hotel’s luxurious, Art Deco-inspired surroundings.
For those with a strict budget, don’t fret, there’s plenty of things to do that don’t cost a penny. Most museums and galleries are free (although steer clear of the gift shop!), and there’s plenty to choose from; for example, the Wallace Collection, Natural History Museum and the Horniman Museum to name a few.
London has an impressive sporting history, with many world-famous venues dotted around the city. Take out a London Pass, allowing you to visit many of the famous stadiums; including Wimbledon, Crystal Palace, and Lords.
Music lovers will relish a visit to the iconic Abbey Road studios. As the birthplace of many classic albums and soundtracks (including the Harry Potter scores, Freddie Mercury’s ‘Solo Collection’, and Pink Floyd’s ‘Dark Side Of The Moon’), this is a must for music buffs. The iconic zebra crossing outside also deserves a visit, having been the star of the Beatles ‘Abbey Road’ album cover; thousands of fans every year flock to pay homage and recreate that famous pose.
For the bold of heart (and stomach), visit the London Dungeon. This museum/theme park/performance area has some of the most ghoulish attractions in London, including the Blood & Guts Surgery and the Extremis Drop Ride; best to visit this one before lunch.
Fashion-conscious tourists can indulge their passion on Oxford Street. One of the most famous shopping districts in the country, Oxford Street has pretty much every high-street store imaginable, including several flag-ship branches. For a more up-market experience try Harrods; this famous department store claims to sell anything your heart desires, and is the last word in London luxury.
If you need to escape the city and catch your breath for a moment, try one of the many parks. Hyde Park is known for its beauty and the attractions on offer, including the Rotten Row riding track and Serpentine Lake. Regent’s Park is great for sports facilities, and comes with an open-air theatre for the warm summer evenings. Richmond Park is best for animal lovers, playing host to around 650 wild deer and many species of bird.
It can’t have escaped your notice that London played host to a rather special wedding this year. Britain’s Royal Family is probably the most famous in the world, and you can get into the spirit of things by visiting many of the attractions traditionally associated with them: Buckingham Palace, Westminster Abbey, and Kensington Gardens.
If you’re in need of pampering, try Spa London in Bethnal Green. These old Turkish Baths offer a number of budget spa experiences, including massages and make-up application lessons for just £20.
Foodies will be spoilt for choice in London. Try Archipelago in West London for some exotic flavours (including kangaroo, gnu and zebra). For those of a vegetarian persuasion Rootmaster in Shoreditch is perfect for you. If you have a sweet tooth, Scoop in Covent Garden has every flavour, texture and type of ice cream imaginable; for some truly indulgent dining.

The great thing about London, too, is that the popularity of the city means that plenty of organisations – take Kelkoo Select as a prime example -- offer deals, discounts, and bundle packs, so that visiting one of the world’s best cities isn’t only interesting, diverse and memorable, but cheap too.

 

a charter on behalf of a wealthy fashion magnate who planned to use the 112-passenger vessel to provide accommodation for friends and business associates during the Games.

When luxury cruise ship SeaDream I was berthed alongside HMS Belfast at Tower Bridge a few weeks ago, there were hopes that its sister, SeaDream II, would be in the Thames next year for the London Olympics.

A yacht broker I spoke to was confident he would be able to agree a charter on behalf of a wealthy fashion magnate who planned to use the 112-passenger vessel to provide accommodation for friends and business associates during the Games.

The deal appears to have fallen through, because Travel Weekly reports today that SeaDream's planned visits to the UK and the Norwegian fjords next year, before and after the Olympics, have been cancelled.

Company president Bob Lepisto is reported as saying that failure to secure an Olympic charter was a key factor in the decision. "We will now have two Black Sea itineraries, as well as multiple Croatia and Greek island cruises," he said - adding that the company has more demand for charters in the Mediterranean than they can meet.

Travel Weekly claims that fees for berthing ships in the Thames during the Olympics have "sky-rocketed, making it uncommercial for lines to base ships in the Thames as had been hoped." They say Azamara Club Cruises have yet to confirm that one of their ships will be brought to London.

The German ship MS Deutschland, operated by Peter Deilmann, will be based in West India Docks and is offering three nights' accommodation for £4,336 per person.

However, Port of London Authority spokesman Martin Garside told me they expect a number of ships in London for the Games, with berths at Tower Bridge, Greenwich, Tilbury and Northfleet, and also in the Royal Docks and West India Docks.

He denied fees were being raised. "All PLA charges on the tidal Thames - ie pilotage and conservancy charges, berthing fees, use of the 'Welcome' floating passenger terminal - will be the same as normal."

Singer Lily Allen and sister Sarah Owen have launched their own vintage fashion line.

Singer Lily Allen and sister Sarah Owen have launched their own vintage fashion line.
The 26-year-old star already opened a vintage clothing store, Lucy In Disguise, in Covent Garden, London, with her sister and now they have brought out their own summer clothing collection.
Their store allows shoppers to rent out one of their retro pieces and later return it.
Their new capsule clothing line will be available at Harvey Nichols from June 7 this year and will also have a vintage theme.
Items include jumpsuits and sun dresses as well as mini dresses and maxi-dresses.

'super luxury' hotel at the former Port of London Authority headquarters at 10 Trinity Square

Proposals have been drawn up for a 'super luxury' hotel at the former Port of London Authority headquarters at 10 Trinity Square, the Financial Times reports.

The Grade II* listed building and a three-acre site was bought by KOP Properties and Reignwood Group last year.

Plans have been drawn up for a 120-bedroom hotel with 37 private apartments created by architects and designers the David Collins Studio.

It will also boast an exclusive private members' club, three restaurants and a spa.

KOP hopes to have permission for the scheme by the summer and expects that the project could be completed by 2014.

Back in 2009, sleepermagazine.co.uk reported that US property company Thomas Enterprises and international architects Woods Bagot had plans approved to create a luxury hotel on the site.

San Francisco’s luxury home values dropped in the first quarter to their lowest point since the first quarter of 2004

San Francisco’s luxury home values dropped in the first quarter to their lowest point since the first quarter of 2004, when the region was clawing its way back from the dot-com bust.
San Francisco Bay Area luxury home values lost 4.3 percent from the fourth quarter of 2010 and were down 1.9 percent from the first quarter of 2010, according to a quarterly survey produced by San Francisco-based First Republic Bank. (NYSE: FRC)
“Prices fell as sales activity declined,” said Katherine August-deWilde, president and chief operating officer at First Republic.
Luxury home values also fell in Los Angeles and San Diego.
In Los Angeles, they dipped 0.5 percent from the fourth quarter and were down 0.9 percent from last year’s first quarter.
In San Diego, luxury home values plunged 4.6 percent from the fourth quarter and 5.1 percent from last year’s first quarter.
The First Republic Prestige Home Index is produced quarterly with Fiserv CSW, (NASDAQ: FISV) a provider of property valuation services and home-price data to the nation’s financial institutions. The survey defines luxury homes as those valued at more than $1 million, which typically feature three to six bedrooms and a comparable number of bathrooms in 3,000 to 6,000 square feet.
“First quarter sales reflected the price discounting that took place in the second half of 2010. We had a buyer’s market in the final two quarters of last year,” said Stephen Gomez of Gomez & Patton Real Estate in San Francisco. “Now we’re starting to see the window to the buyer’s market close.”
One factor fueling buyer interest is the flood of capital pouring into the region’s tech sector, generating buying power for those looking to purchase on the Peninsula.
“I see tons of buyers with money, but inventory is the issue,” said Geoffrey Nelson of McGuire Real Estate in Burlingame.
Buyer hesitation was on full display in the East Bay.
“There are actually a few buyers out there, but they are unwilling to commit,” said Sharon Dare of J. Rockliff Realtors in Danville.

Gitanjali USA Introduces the Aston Luxury Group

Jewelry Marketing Company (JMC), a division of Gitanjali USA, a leading diamond jewelry manufacturer and wholesaler and one of the world's largest conglomerates of diamonds, jewelry, and lifestyle brands, will introduce a new corporate brand identity as the Aston Luxury Group (http://www.AstonLuxury.com). JMC is known for its innovation, world-class design and its brands, Affiance, PassionStone, REVV, Canadia, and soon to be launched, Love Universe.
The introduction of Aston will reinforce market leadership, creating a new level of attraction for the consumer through innovations in marketing, e-commerce, philanthropy and unique distribution of its products.
"The Aston Luxury Group will be the umbrella company for all of our current and future brand distribution in the USA," states Jon Mitchell, President of the Aston Luxury Group. "The corporate name change more accurately reflects our mission and focus on fine brands within an ever-changing business environment."
The rebranding effort will be led by Aston's newly appointed creative director, Jamison Ernest. Ernest is the founder of the New York City-based Yellow Fever Creative, an artistic studio with an international focus on art, music, fashion, film and new media in high-end and casual luxury markets. His past roles as creative director have included building and rebuilding brands in art, fashion, architecture, film and also jewelry. Ernest's career includes multiple creative accomplishments and is best known for his ownership of Brooklyn Beat Records and the Yellow Fever fashion label, which has attracted attention from Heidi Klum, Iman, and other celebrities.
"The rebranding is an important strategic move and is aligned with our organizational vision, particularly as we develop new product lines," continues Mitchell, "and as we continue to enjoy the type of significant growth that has been part of Gitanjali's 65-year history."

 

Luxury car business shifts into high gear at Los Gatos dealership

The loss of most of the Los Gatos Boulevard car dealerships in recent years has dealt a blow to the town's sales tax revenues, but there is a bright side to the local automobile business. Los Gatos Luxury Cars is reporting increases in sales that give some indication high-rollers are spending money again.
The luxury car dealership's primary showroom at 66 E. Main St. is operated by the Qvale Auto Group, which took over the Silicon Valley Auto Group's Los Gatos operations in January 2010. "When the downturn came, that company had issues," Jeff Qvale said. "Those times were difficult."
The Qvale Auto Group also operates British Motor Cars in San Francisco. Qvale said the Los Gatos expansion was important to the company "because we were already the Bentley dealer in San Francisco and it gave us a nice tie-in. We like Los Gatos because it's a bedroom community for Silicon Valley. People knew [66 E. Main St.] had been a high-end store for many years, so this is a good place for us."
Operating as Los Gatos Luxury cars, Qvale reports that Bentley sales have increased 21 percent. Aston Martins have been moving, too, with Los Gatos now ranked third in the nation in terms of sales. Lotus sales have pushed that segment of the local dealership into fifth place nationally.
To put that into perspective, last year Los Gatos Luxury Cars sold 18 Rolls Royces. So far this year they've sold seven. According to Ovale, a basic Rolls s $246,000, and theytop out at around $525,000.
"The economy is getting better," Qvale said. "We did all right last year, and we're happy that we're doing OK when the economy isn't on all cylinders yet. It's going up, but it's not consistent every month."
Qvale thinks there has been pent-up demand for luxury cars, but that people who can afford them were being prudent. For one thing, it looks bad for a CEO to be driving a new luxury car and laying off employees at the same time. "We're seeing a lot of people coming out of the woodwork now," Qvale said.
To that end, in January Qvale reopened the 2,000-square-foot showroom at 47 E. Main St. that closed at about the same time the Silicon Valley Auto Group shut down the showroom at the corner of N. Santa Cruz and Bachman avenues. The 47 E. Main St. showroom now houses Lamborghinis, with the 66 Main St. showroom housing Bentleys, Lotuses and Aston Martins. The Rolls Royces are at 620 Blossom Hill Road with the auto group's service center.
The dealership also sells pre-owned luxury vehicles and takes consignments. "Consignments area good way to build business and maybe later the customer will come back and buy something," Qvale said.
Another way the auto group is trying to build business is by becoming involved in the community. In March, it hosted a fundraiser for the Friends of the Library that raised approximately $20,000. "We do a lot of events because event marketing is a good way for people to see the cars," Qvale said. "It helps the community and gets exposure for our cars, so it's a win-win."
Last week the dealer held a customer appreciation dinner at Testarossa Winery, where a few cars were on display. "We're re-establishing contacts with the community and prior customers who we hope will tell their friends and it will mushroom from there."
There are currently 54 cars on the dealership's lots, with two new Aston Martins scheduled to arrive in June. Los Gatos Luxury Cars employs 27 people.

 

Gohar (Carmen) Ahmed Pervez received two-for-one credit for the two years he has served in the remand centre and is now slated to spend two more years

Gohar (Carmen) Ahmed Pervez, 45, pleaded guilty to 54 counts of fraud that netted him more than $1.8 million in profit in less than five years. He received two-for-one credit for the two years he has served in the remand centre and is now slated to spend two more years behind bars.
"In the hierarchy of this fraudulent scheme, no one was above him," Court of Queen's Bench Justice Paul Belzil said Thursday afternoon.
His role was pivotal. At every stage of this scheme, Mr. Pervez was the primary beneficiary."
According to an agreed statement of facts at least two inches thick, Pervez directed the mortgage brokers, bankers, appraisers, realtors and lawyers who helped perpetrate the fraud. He paid all the expenses, recruited the people who found and paid straw buyers, forged documents, lied to get mortgages, found tenants for the rundown houses and collected rent money.
In total, his mortgage racket put more than $4.9 million at risk, and in the end 11 financial institutions lost $594,000. Dozens of straw buyers were duped into taking part in the scheme, and some are now embroiled in lawsuits and struggling financially.
Pervez strode into the courtroom dressed in his blue prison coveralls, carrying a pile of documents in the crook of his arm. He ground his teeth when Belzil sentenced him, but showed no other emotion.
His lawyer told the court that guilty pleas often convey remorse, but he did not suggest that Pervez was in fact remorseful.
Pervez was the leader of six Edmontonians charged in connection with the scam, which took place between 2001 and 2005 and involved more than 19 lending institutions, 125 properties and 280 real estate transactions.
While he did not plead guilty to participating in a criminal organization, he admitted in the agreed statement of facts that he was part of a criminal organization and committed the fraud for the benefit of the group, his co-conspirators and himself.
Three men and one woman had previously been sentenced in connection with the fraud.
Pedro Brito, 33, pleaded guilty to 10 counts of fraud and was sentenced to one year in jail. Harkamaljit Kahlon, 30, was sentenced to three years in prison after he pleaded guilty to 12 counts of fraud. Rodrigo Caroca, 33, pleaded guilty to five counts of fraud and was sentenced to 90 days in jail.
In January, paralegal Terry Ellis, 61, was sentenced to more than five years in prison after she was convicted of 12 counts of fraud and one count of forgery. She is believed to be the first Canadian convicted of committing an economic fraud on behalf of a criminal organization.
A trial for Edmonton lawyer Scott Park is scheduled to begin in April.
On Thursday, Belzil adopted the joint sentencing submission presented by Crown prosecutors Michelle Doyle, Orest Yereniuk and Cheryl Schlecker and defence lawyers Robbie Davidson and Jake Chadi.
In her submission to the court, Doyle said the sentence is a stiff one that will deter Pervez and others who might be tempted to commit similar frauds. She also said the sentence will reassure law-abiding citizens that crime does not pay.

Random Acts Of Reality

Welcome to Random Acts Of Reality, a Blog based in London, England, written by an E.M.T working for the London Ambulance Service. Also, number one search result for "Womble porn". All names have be changed to protect the guilty. This Blog was previously known as "Why I Hate Humanity" but the antipsychotic medication seems to have kicked in.

The Law West of Ealing Broadway

Friday, February 24, 2006
The Law West of Ealing Broadway

Can be found at:-

http://www.thelawwestofealingbroadway.blogspot.com

The blog's name changed to 'The Magistrate's Blog' in February 2006, but the url and all other details remained the same.

The Magistrate's Blog

Musings and Snippets from an English Magistrate This blog is anonymous, and Bystander's views are his and his alone. Where his views differ from the letter of the law, he will enforce the letter of the law because that is what he has sworn to do. If you think that you can identify a particular case from one of the posts you are wrong. Enough facts are changed to preserve the truth of the tale but to disguise its exact source. Contents are copyright