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Go back to the enewsletter After a bank devalua

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first_imgGo back to the e-newsletter >After a bank devaluation on Tuesday 12 August 2015, the world of luxury retail took a hit as China’s currency dropped to its lowest since August 2011. The impact of this devaluation has extended to the luxury industry and Chinese consumers may alter the way they spend on luxury brands in the coming future.Luxury brand companies such as BMW, Swatch Group and LVMH saw their shares decline as much as 5%. Prices of luxury goods may increase overseas to compensate for the decrease in China; likely making imported goods more expensive within China.LVMH’s leather goods sales in China, Macau and Hong Kong have declined 10% in the first half of 2015. This followed the government’s suppression of  corruption in the sales of high-end goods. Around 40% of luxury goods sold in China have been purchased in Europe and resold illegally in China, avoiding the taxes usually placed on such items.The impact of the Yuan devaluation on Hong Kong’s luxury market is yet to be seen, as devoted luxury shoppers respond to an increased price fluctuation of 2-4%.Currency fluctuations are not the major factor influencing the decline in luxury retail. Chinese shoppers are still travelling internationally for their luxury brand needs, seeking better prices and service in Europe. Luxury retailers in China may prevail with a focus on other aspects of luxury shopping, such as in-store experiences for customers.Asia Pacific hosts four of the world’s top 10 luxury good markets in Japan, China, South Korea and Hong Kong. Ms. Roberts of Euromonitor, a market intelligence firm, however, says that “The region should not be regarded as a safe haven for growth over the next five years and many luxury brands are now realising this and turning their attention to other markets.”This raises the question: what could this mean for outbound travellers from China? Perhaps more importantly, what could this mean for Australian’s travelling to China in the future?Go back to the e-newsletter >last_img read more

McDonald puts Celtic all but out of reach

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first_imgRangers Share on Twitter Share via Email @mrewanmurray Share via Email Ewan Murray at Ibrox Park Share on Facebook Scottish Premier League 2008-09 Share on Facebook Scottish Premiership Billed as the latest episode in the tale of a wayward winger, this derby ultimately turned on two strikers with differing levels of sharpness and a goalkeeper who always seems to grab headlines when the Old Firm meet.Despite Aiden McGeady’s absence, the champions stretched their lead over Rangers at the top of the Scottish Premier League to seven points. Not even a whisper of the Ireland international’s name came from the visiting support at Ibrox. McGeady returns from suspension following a row with his manager Gordon Strachan for next Saturday’s visit of Dundee United to Parkhead.However, the names on everyone’s lips on Saturday were Kris Boyd, Artur Boruc and Scott McDonald. Boyd, with 18 goals to his name this season, remains the Scottish game’s most prolific marksman, but instances such as that in the 47th minute here support the view that he is not a top-class striker. Sent clean through by Barry Ferguson, Boyd fatally delayed his shot, allowing Boruc time to spread his body and make a fairly straightforward save.Celtic’s players and supporters chose to laud their goalkeeper for his interventions in a fixture in which he has courted controversy in recent times, but Boyd should have been more ruthless.Enter McDonald. Hitherto notable for some fine work in holding the ball up and linking with Georgios Samaras, the Australian latched on to a flick-on from his fellow striker, turned Kirk Broadfoot and angled a superb volley beyond Allan McGregor.”We effectively have to go the rest of the season undefeated,” conceded the Rangers manager, Walter Smith.Man of the match Scott McDonald (Celtic) McDonald puts Celtic all but out of reach Shares00 Scott McDonald celebrates at the final whistle after Celtic’s win at Ibrox. Photograph: DAVID MOIR/REUTERScenter_img Scottish Premiership First published on Sun 28 Dec 2008 19.11 EST Celtic match reports Share on Messenger Share on LinkedIn Share on Twitter Sun 28 Dec 2008 19.11 EST Topics Share on WhatsApp Reuse this content Share on Pinterestlast_img read more