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Daily News – October 7, 2009

October 7, 2009

Reutersis reporting that Vercase will pull out of the Japanese market, saying the marketing is slowing down. Their move follows French luxury good rival LMVH Louis Vuitton Moet Hennesy out of the Japanese market – a move they made because they not only saw sales lacking, but feel the market itself is loosing prestige:

Versace, which entered Japan in 1981, is the latest brand to scale back operations in the country, as falling wages and job losses chill consumer confidence. LVMH Moet Hennessy Louis Vuitton SA said in December that it scrapped plans to open a store in Ginza, one of Tokyo’s busiest shopping districts… Luxury goods makers see less need to sell their products in Tokyo with the increasing importance of Singapore and Hong Kong as financial center…

WWD is reporting that Canada plans to drop import duties on textiles being imported into the country for the purposes of manufacturing. As Antonio Valente imports all of our fabric from mills in Europe and produces our garments in Canada, we are very pleased to hear this.

Reuters is also reporting that Little Bear Investments, one of the smaller CIT bondholders,  is challenging the way CIT is proposing to restructure. Little Bear is lobbying different bondholders in their position (holders of a subordinate debt note). Little Rock, if successful, can complicate the whole process of the CIT restructure, and essentially is hoping the larger bondholders will protect their investments and even help them profit from this situation if they let the process go smoothly.

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