After Barcelona and Valencia, both opened 2011, Chopard expanded in Spain with its third ...
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American hotel chain, Thompson Hotels, known for its contemporary luxury hotels in the US, ...
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Despite the negative impact of a strong Franc, Swiss watch exports reached a record 16 billion ...
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Talking to The Economic Times, Mr PRS Oberoi confirmed his company tapped renowned American ...
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World's leading luxury group, LVMH announced record results for 2011, with salea reaching ...
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Italian luxury house of Loro Piana, known for its iconic cashmere ready to wear and accessories ...
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Ukraine takes foreign investors hostage
News 01 April 2009
The dramatic situation of Ukraines economy seems to be getting worse day by day. The recent measures taken by the state to prevent exit of foreign cash is the latest measure set to make foreign investors want to leave the country and at the same time keep away the potential foreign investors. The disagreement between the President and the Prime Minister over the sacking of the National Bank governor and the USD 5 billion loand from Russia is only adding tension to an economy in free fall. Ukraines rich oligarhs are reported to have lost over 40% of their assets during the past 5 months. This has a direct affect on the once flourishing luxury market, which has already dropped by over 20% in sales. The fact that the majority of international brands are controlled by a trio of franchisees adds to this worsening situation. Brands such as Hermes are now glad not to have entered the market at the peak of the market in 2007.