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日本第三季经济扩张速度远快于初值，因强韧的国内需求以及企业支出抵消了出口下滑和全球贸易紧张局势给经济增长带来的冲击。

日本内阁府周一公布的数据显示，7-9月经济环比年率为增长1.8%，强于初值的增长0.2%，

这是日本经济连续第四季增长，且亦优于分析师预估中值的增长0.7%，主要受资本支出和民间消费改善驱动。

不过，分析师称，第三季经济增长掩盖了一些脆弱领域。这些领域可能导致第四季表现要疲弱得多。第三季增幅为今年以来最低。

“虽然日本在10月上调消费税之前的经济扩张速度快于初值，但2020年产出可能会萎缩，”凯投宏观的资深日本经济学家Marcel Thieliant说。

“第三季GDP增长率上修主要得益于非住宅投资较前季增长1.8%，高于初值的增长0.9%，”他在一份报告中写道。

农林中金总合研究所首席研究员南武志表示，经济大幅增长是拜零售商等非制造业的强劲投资所赐。

“相形之下，制造业支出就没那么强了。”

资本支出较前季增长1.8%，高于初值的增长0.9%，也超过增长1.7%的预估中值。

第三季度GDP较前季增幅为0.4%，初值仅为增长0.1%。

在优于预期的GDP修正值公布前，数据显示日本出口和制造业产出在10月创多年来最大降幅，暴露出由于需求下降拖累，经济中的裂痕不断扩大。

消息人士透露，日本央行在本月的政策检讨时，考虑对制造业产出作出较10月时更加悲观的评估。

民间消费较前季增加0.5%，略优于初值的增长0.4%。民间消费占GDP的约60%。

一些分析师担忧，10月消费税上调前企业和家庭支出跳增，对未来数月的需求来说可能不是好兆头，除非出口反弹，否则经济可能失去一个增长动力。

包括逊于预期的10月家庭支出和零售销售数据在内的一系列悲观数据，表明上调消费税对消费的冲击可能大于此前预期。

分析师已经预计，受上调消费税影响，当前季度日本经济将萎缩。

“上周五发布的消费数据疲弱，”农林中金总合研究所的南武志称。

“日本经济第四季可能无法避开萎缩。”

日本内阁上周批准了一项1,220亿美元的财政刺激方案，以支持经济摆脱增长停滞，并将2020年东京奥运会带来的投资热潮延续下去。

净出口对修正后GDP增幅的拖累为0.2个百分点，国内需求则贡献0.6个百分点。

丰田汽车积极在全球最大汽车市场中国采取行动以获取纯电动汽车（EV）的需求。11月下旬在广州国际汽车展览会（广州车展）上全球首次公开了豪华车品牌“雷克萨斯”和“C-HR”等的纯电动款汽车，将于2020年一举投放市场。中国纯电动汽车市场因新能源车补贴减少，目前处于逆水行舟的状态，但丰田将以雷克萨斯品牌和长年积累的混合动力（HV）技术为武器，追赶领先一步的德国大众。

中国是全球最大的汽车市场，年新车销量高达2千万辆以上，相当于日本市场的5倍。在中国南部的广州，每年都举办一次国际车展。今年11月22日开幕的广州车展上，广汽丰田等在中国从事生产销售的当地合资车企纷纷搭设展位，还在展位入口处的“C位”（显眼位置）展示了纯电动汽车。

中国将纯电动汽车定位为振兴经济的政策重点。2017年7月，英国政府宣布到2040年全面禁止销售汽油车和柴油车。随后，中国也提出了禁止生产销售汽柴油车的方针。大众对此立即做出反应，在中国提出纯电动汽车战略。大众相关人士还担任标准制定小组的负责人等，瞄准中国纯电动汽车市场的前景积极发起行动。

欧洲发起的向纯电动汽车的转向也波及到中国，纯电动汽车市场争夺战于2017年正式打响。那时，丰田等日资厂商都对纯电动汽车的商业化和普及速度持慎重态度。对于提出向纯电动汽车转向的欧洲企业，日资企业高管当时表示，“我们也在积极准备”。

自那以后约3年，一直筹备的丰田开始全面向中国市场投放纯电动汽车。在中国首先上市雷克萨斯纯电款的目的之一是“这一品牌在中国比较有影响力，希望借助品牌力量给纯电动汽车开个好头”（相关人士）。美国JD Power实施的2019年中国汽车商品魅力度调查显示，豪华车品牌中，雷克萨斯仅次于“保时捷”和“宝马”，位居第三，深受中国消费者的喜爱。以在日本国内生产便于把控质量的“日本制造”进行宣传和销售也构成东风。

雷克萨斯执行董事泽良宏就决定2020年春季上市该品牌首款纯电动汽车强调“技术能力在真正的意义上将受到考验。混合动力方面培养的技术将成为优势”。之所以这样说，是因为该公司要在补贴减少、纯电动汽车市场有利因素减弱的背景下投放新车。

在中国首次公开的雷克萨斯纯电动汽车是“UX300e”，该车为SUV，续航距离约为400公里。价格尚未确定，不过2020年春季在中国上市后，同年夏季将在欧洲，2021年上半年将在日本陆续上市。电池安装在汽车地板下方，降低了重心，提高了操纵性，更易感受到驾驶的舒适感。

负责中国市场雷克萨斯营销的负责人解释说“对于纯电动汽车，消费者比较担忧续航距离和安全性”。我们采用的设计可以满足消费者对质量和安全性的要求。此外还强调，“该车延续了雷克萨斯的‘匠人’DNA，充分利用在混合动力领域积累的电池管理经验，希望可以让用户有一个可以放心使用的体验”。

1997年上市、风靡一时的“普锐斯”独具代表性的混合动力技术是丰田的专有特长。20多年来培养的技术可以控制电池劣化，以便长期稳定使用，另外可以精确控制电机进行速度微调。丰田希望以此为卖点博得消费者的信赖。

除了减少行驶中车内噪音和晃动的设计之外，还在很多方面进行了精心改进，这也深受中国消费者好评。1～10月雷克萨斯销量超过了2018年全年的业绩，泽良宏分析称“产品质量得到认可，中国消费者也获得同感”。

另一方面，在中国乘用车市场份额居首的竞争对手——大众在广州车展开幕前一天召开独家发布会，再次强调了一直十分重视的中国市场的重要性。中国子公司首席执行官（CEO）冯思翰称“2020年将向中国市场投资40亿欧元以上”，强调了强化中国业务的方针。

与大众相比，丰田尽管在中国向纯电动汽车转向的动作稍显迟缓，但正瞄准纯电动汽车加快建立合作伙伴。7月与全球电池领域最大的企业中国宁德时代新能源科技（CATL）展开广泛合作。打算构建电池的稳定采购体制。

另外，丰田还与中国纯电动车企比亚迪（BYD）就联合开发纯电动汽车达成协议，将于2020年下半年设立研发合资公司。将联合开发纯电动汽车、底盘和相关零部件。双方提出到2020年代上半期在中国投放丰田品牌纯电动汽车的方针，以应对在中国等推进的汽车环保规定。

在利用混合动力车获得眼下收益的同时，还逐渐渗透品牌影响力，同时打造合作伙伴等，逐步向市场投放高水平的纯电动汽车——在中国市场份额达到7%的丰田计划这样猛追份额高达约20%的大众。纯电动汽车时代将全面拉开序幕。两家车企在全球最大的中国市场上的激烈竞争也将关系着纯电动汽车的全球市场趋势。

A flurry of mergers and acquisitions amid falling trade investment and business confidence suggest an imminent stock market correction, even as distracted world leaders fail to pay attention to a world economy ravaged by trade wars

Leading stock markets may finally be connecting with the real economy after a long period of in-denial euphoria. Even before United States President Donald Trump signalled that trade wars may persist (only to be refuted by rumours of an imminent deal), there were signs that stock dumping might be imminent.
After a veritable frenzy of buying back their stocks, some big companies in the US and elsewhere are using their overvalued shares or “scrip” as a currency to buy other companies that have real assets and earnings while the going is still (just about) good. This is an ominous sign.
Buying back shares made sense for firms with interest rates at record lows. It makes debt capital cheap and results in higher earnings for remaining shareholders. But a recent wave high-profile mergers and acquisitions (M&As) – including LVMH buying Tiffany and the Manchester City football club deal – with some financed by share exchanges, has been seen by some analysts as signalling the end of the bull market.
When companies begin to buy competitors rather than invest in new, greenfield activity, and when they use their stocks to buy that growth, it signals diminishing confidence. It could also be a sign of an impending economic slump.
I have been chided recently for being overly pessimistic about the risks of a crash and one Post reader noted “the sun goes down and the sun comes up”, meaning the economy moves in cycles and a downswing is not alarming. It is true that the sun follows the rain, summer follows winter, and day follows night. But when financial “weather” patterns point to a perfect storm in the making, we should worry.

Other than the record bull market in stocks, it is hard to name one good thing on the global economic front. Trade and investment are declining, as are economic growth rates and business confidence.

Even if the US and China reach a “phase one” agreement on the less contentious issues in their trade war, it only reveals the true size of the problem – rather as “getting Brexit done” will serve to reveal how complex the issues are between Britain and Europe.
Trade between the US and China will not surge back to previous levels, as the market seems to suppose. It has been structurally damaged by the trade war, and Trump’s latest threatened trade assaults on Brazil, Argentina and even France reveal yet again how frivolous his approach to trade is.

But stock markets in the US and elsewhere have marched on regardless, buoyed by continuing monetary easing, and even by the idea that recent developments herald a fresh boom in M&A activity and an extension of the bull market. This circular logic is absurd, given the nature of the corporate acquisitions.
This financial house of cards must surely collapse and it looks like this will happen sooner rather than later. If anything were needed to touch off a crisis of confidence, it would have been Trump’s latest trade tantrums, which hardly look like carefully crafted examples of the art of the deal.

Yes, we all need to have cash on hand, but investing in your health, future and happiness is money well spent

Money is a utility that, in its best form, is meant to improve our lives.
As such, there are a few times where a product, service, or experience is worth the additional cost (as long as you’re not slipping into credit card debt because of it).
For example, you’re better off spending money on a life insurance policy to protect your family than not having one at all; paying a professional for help with your money if you’re paralysed by indecision; and yes, buying the latte if it’s something you enjoy and it doesn’t distract from your other goals.

Here are seven times you’re better off spending than saving:

1.To maintain good health
Your health is priceless. Whether it’s opting for a more expensive health insurance plan at work because the coverage is better, ponying up for an gym membership, or picking organic produce at the grocery store, you shouldn’t feel guilty about spending money when your mental and physical health is on the line.

2.To protect yourself with insurance
If anyone relies on you for financial support, life insurance and disability insurance are a must-have. In exchange for paying a monthly premium, a disability insurance policy will provide an income stream if can no longer work due to an injury or illness, while a life insurance policy will pay out a lump sum if you pass away.
In the US, the average cost of a 20-year term life policy for a healthy 35-year old male runs from about US$20 a month for US$250,000 of coverage to US$100 a month for US$2 million of coverage, according to Policygenius. Long-term disability insurance premiums run anywhere from 1 per cent to 3 per cent of your salary.
Ask anyone with life or disability insurance and they’ll tell you: it’s a small price to pay for peace of mind and financial security.
3.To buy things that bring you joy or save you time
As long as you’re cutting back on the things you don’t care about, it’s OK to spend money on the experiences, services, and products that bring you joy or make your life easier.

If a daily latte, regular facials, a cleaner, or first-class plane tickets enhance your life without distracting from your financial goals, spend away.
Being good with money is the ultimate balancing act between needs and wants. Depriving yourself isn’t sustainable and rarely leads to success.
4.To buy what you’ve been saving for
If you’ve been deliberately saving for a down payment on a home, a big summer holiday, or a new car, it’s likely taken months or even years of discipline to get there. It may feel difficult to part ways with that savings, but money is best paired with intention.

5.To get professional help with your money
If you’re paralysed by indecision or laziness when it comes to your money, it pays to hire help.
Research shows that people who work with financial advisers are more likely to report happiness, confidence, and stability in their financial and personal lives.
A good financial planner can help you identify your most important goals and make a plan to achieve them.
You may also find that hiring an accountant to do your taxes is worth the cost. It’s a relatively small fee that can ultimately save you time, money, and a headache.
6.To own quality products that matter to you
You may not think of a quality mattress, pair of shoes, luggage, or skincare product as an investment, but when something has the potential to improve other areas of your life, it’s often worth it to splurge.

If you travel frequently, spring for the better luggage. If you’re prone to bad skin and a pricier product works, buy it. If you sleep better on a memory foam mattress, don’t settle for anything else.
7.To grow your money in the stock market
Your emergency fund and any savings you’re planning to spend in the next few months to a year should be kept in cash. Any leftover money is best “spent” on investments.
Too many people are paralysed by the fear of losing money that they avoid investing all together, but the stock market is one of the most powerful tools we have for building wealth. Returns are never guaranteed, but if you’re sitting on the sidelines you not only avoid the bad days, but you miss the best days, too.

谈到“租房比买房更实际”的观念（又称寄生主义），人们常常列举德国、法国和日本，原因很多，可能是房价高至荒唐，或者人们追求或宁可接受更加游牧式的生活方式。

在大马，虽然人们仍在强烈追求拥屋，但租屋市场的动力也在升温。

鉴于租屋趋势升温，政府已开始制定住宅租赁法来加强租屋市场，以保证更安全的租赁环境，保障租户和房东。

对租户来说，可轻易找到许多如何不踏入陷阱的建议，同样的，房东也应该要谨慎和做好准备。

房东没有“退休年龄”，是获取被动收入的简单方式。来看看以下这几点，让你准备好当个房东。

·地点在哪？

首先，房东最重要的就是要有一个可出租的资产，如果你已经准备好，那再好不过了。如果你还没有，那要考虑一些事情。

在发展商的鼓吹下，买屋投资好像很诱人，但要记住，作为买家的你是否可以负担得起，不管是现金还是抵押都是。

常常见到一些新一代的房东为了出租而买下房子，导致收入和开支非常紧，不能有出错的余地。这不仅增加了他们的债务负担，如此高风险的投资举动还会影响原本的财务负担。

此外，也要考虑到你所出租的地点和其他竞争者的出价。靠近公共交通枢纽、四通八达和便利设施固然重要，亦要考虑到所在地的吸引力，概念、布局、设施和建筑管理品质同样重要。

也请记得，竞争不止是来自外部，也来自内部，也就是同样项目的其他单位，不同的楼层、规模、视野和方向都有关系，对于能否尽速找到租户、并能获得有利可图的租金来说，至关重要。你期望的租金可能比市价还要高。

·依赖租户准时交租？

这是针对那些靠月租金来偿还贷款的房东，尽管在有些情况中，房东会采用这种不可靠的方式，但强烈建议你不要这么做，以免陷困。

如果租户不能按时支付租金，最坏的情况是你会拖欠贷款，造成自己的财务问题。因此，请确保你有足够的自有资金来支付所需承担的费用。

当面对一些惯于迟交租金的租客，有一个具有威慑力的工具，那就是在租赁合约中涉入逾期付款的罚款条款。除非他们愿意支付额外的费用，否则这条款能吓阻他们。

这也是为何，在执行一份租赁合约时，最好有律师和专业产业经纪、评估师或物业管理人等的协助。

上述是基于已经将房子出租的情况来假设，别忘了，在空置期中，房东必须自行承担营运成本和债务。

·单打独斗还是团队？

作为房东，不一定要单打独斗，也不一定要雇佣团队。这取决于你要出租多少物业，已经管理租户和维护物业的要多少工作量。

在选择聘请专业人士还是自行处理时，要考虑的关键因素是，你能够胜任房东的角色到何种程度？

房东通常被视为副业，获取额外的收入。在这样的情况，雇佣物业经理人或产业经纪来处理繁琐的文书工作和管理租户，更加实用且有效。当然，你需要额外支付费用。

如果你现在担任全职房东，则需评估你力所能及的范围。完全参与意味着，你的租户在任何时候都可以直接与你联系来解决问题，且大部分人期望你能迅速回应，因此你要随时有空。

在租约终止或期满时，房东要能快速检查物业，并适当处理退还给租户的押金和退款。若有必要，还需要估算所需的维修和准备工作，以便迎来新的租客。

有时候，房东会低估所需要的工作量，比如说重新粉刷等维护工作。对此，你要有可信赖且价格合理的维修人士，毕竟租户有时候也临时需要维修。

无论你是全职还是聘请团队帮你，房东都应该要有产业相关知识、了解普遍存在的问题，以及最新的法律。

倾听专业人士的建议和意见固然重要，房东也要有自己的意见，在必要时做出有见地的战略和决策，也要一定程度预测未来的情况，如你的财务能力。

·罗马不是一天建成

最后，要担任一名房东，想清楚你真正的目标。你打算未来5年内能在产业组合中取得多大的增长？你期望在多久后取得盈利？

一般而言，产业这门业务不会像股市或中马票一样，在一夜之间产生百万盈利。产业或土地的增值需要时间，也胥视推动其发展的催化剂。

对在租赁市场交易的投资者来说，你需要的是稳定的出租量，来赚取被动收入，以免造成更大的债务。同时，资产组合越大，租金收入越高，但处理个别的租户和物业的管理也更加复杂。

房东也要策略性选择在什么平台招租，以锁定正确的目标市场。不同的平台有利也有弊，要彻底研究清楚。

总结稳定流量收入最重要

整体而言，房东很容易因不慎而成为财务损失或错误商业举动的受害者。

不要贪婪，不是越多物业越好，而是要获得稳定的流量和收入。

虽说租屋所得是一种被动收入，但要确保租户支付租金的工作和精力，可不是被动的。即使雇佣了专业人士，作为房东的你也有责任注意，以免发生诈欺或不当行为。

未发挥降息成效，国行或调整基准率算法

（吉隆坡7日讯）消息人士指出，国家银行有可能会调整商业银行的基准率（Base Rate）或参考利率框架。

现有的零售浮动利率贷款或基准率，都是商业银行依据自己的基准融资成本和法定储备金率（SRR）来决定。

《The Edge》财经周刊引述知情人士报道，国行已经咨询国内银行的意见。

“参考利率的框架或从实际贷款利率（BR + X%）转为实际隔夜官方利率（OPR + X%）”

报道指出，国行有意进行这项调整，或是为了确保利率的任何调整，能更好的反映给借款人。换言之，这也是其中一个强化我国货币政策的工具。

另有市场人士相信，国行是在5月调降利率25个基点至3%后，才有了调整商业银行的基准率的想法，因部分商业银行调低的借贷率，未能反映国行减息的实际状况。

“事实上，国行降息应能直接反映在基准率，应当是同等的调幅，不过在5月的那轮降息中，部分商业银行并未调低基准率。”

市场人士补充：“也许，调整基准率或更改参考利率框架至OPR + X%，可让借贷率更为清晰，同时也能在未来给予消费者更明确的指引。”

国行因发现，基本贷款利率与借贷率逐步脱钩，于2015年宣布以基准率取代基本贷款利率（BLR），成为新零售浮动利率贷款的主要参考利率。

世界食品价格正在上涨。联合国粮农组织（FAO）12月5日发布数据称，11月食品价格指数（2002～2004为100）创出2017年9月以来、时隔2年零2个月的最高水平。11月达到177.2，比上月上升2.7％。背景是中国需求正在扩大的肉类和作为生物燃料使用的情况正在增加的植物油的价格上涨。

棕榈油的价格上涨（reuters）

联合国粮农组织的食品价格指数通过谷物、砂糖、肉类、乳制品和油脂类的国际交易价格计算，显示食品整体的价格波动。上涨尤其显著的是植物油，11月上涨10.4％。由于用于生物燃料的情况增加和对2020年以后供给不足的担忧，棕榈油尤其大幅上涨。

肉类上涨4.6％。以中国需求增加为背景，牛肉和羊肉的价格上涨明显，同时猪肉也在上涨。

• The Japanese-American food writer shows how seasonal dishes can be adapted for any kitchen
• Recipes include fresh soba noodles, miso soup, fresh daikon radish sauce, koji-marinated salmon

For many of us, cooking Japanese food at home seems far beyond our capability. That’s ridiculous, of course – home cooks in Japan aren’t meticulously carving daikon into paper-thin ribbons, cutting 300kg bluefin tuna into sushi or making dashi jelly. They leave that to the professionals. Japanese home cooking can be as simple as any other cuisine, although it tends to be more seasonal and presented more beautifully.
Japanese-American food writer Sonoko Sakai seeks to dispel such misconceptions in her book, Japanese Home Cooking – Simple Meals, Authentic Flavors (2019). Japanese home cooks adapt their dishes to work with the ingredients they have at hand. In the introduction, Sakai writes: “My father used to say that .” He was an airline executive who was posted to New York in the early 1950s, where Sakai was born. They received Japanese ingredients – such as tea, miso and dried seaweed – in care packages from relatives.
“I watched my mother main­tain a Japanese kitchen everywhere our family lived, which was often a challenge. She was an ingenious and resource­ful cook who managed to make Japanese meals with­out always having access to Japanese ingredients. From my mother I inherited the arts of adaptability and flexibility,” Sakai writes.
“My mother learned how to combine American and Japanese ingredients and turn them into hybrid dishes. She made fried rice with chopped onions and Birds Eye frozen peas and carrots. She stir-fried the vegetables in butter and garnished the dish with crispy flaked nori.”
The family moved back and forth between Japan and overseas postings, including Mexico City and California. In Japan, Sakai and her grandmother bought fish directly from the fisherman’s net, still-warm tofu and freshly milled rice. But it was in Los Angeles that her mother learned “disappearing Japanese food traditions” – how to make miso, natto and nukazuke (fermented bran pickles) – from the issei (first generation Japanese-Americans) who were eager to maintain their connections to Japan through food.
The recipes in the book include basic white rice, fresh soba noodles, Japanese milk bread, soy milk, fresh tofu, miso soup, fresh daikon radish sauce, pickled ginger, bonito and kombu dashi, grilled eggplant with herbs, koji-marinated salmon, tonkatsu (pork cutlet) with ume shiso paste, Japanese curry bricks, okara (soy lees) pancakes with blueberry syrup, oden (vegetable, seafood and meat hotpot), Santa Maria-style tri tip beef with yakumi (aromatics and herbs), and sweetened adzuki bean ice pops.

• Lanvin marked its 130th anniversary with a concept store at the Bund Finance Centre on Shanghai’s famous riverfront Bund
• China will be its key market where it is hoping to make 40-50 per cent of its turnover in the medium term

Lanvin, France’s oldest surviving couturier, is placing a big bet on China’s 350 million millennials to revive its stagnating business in luxury fashion. It’s counting on new designs and a digital push by its deep-pocketed parent for help.
“China is our focal market, which will represent 40 per cent to 50 per cent of our overall sales in the medium to long term,” said Joann Cheng, chairman of the brand’s owner Fosun Fashion, during an interview in Shanghai with South China Morning Post. “At present, the biggest market of Lanvin is in Europe, followed by the United States, but we see the growth in China.”
Fosun Fashion, a unit of Hong Kong-listed Fosun International, bought 65.6 per cent of the unprofitable Lanvin in February 2018. The purchase expands Fosun Fashion’s portfolio of global brands, including Italian menswear brand Caruso, control of Vienna-listed luxury textiles maker Wolford and US knitwear label St. John.
Lanvin, whose prices of bags, couture and accessories are comparable to those of Gucci, Chanel or Louis Vuitton, has opened three stores in Shanghai and Hong Kong since Fosun’s takeover. The brand marked its 130th anniversary on Friday with a concept store at the Bund Finance Centre on Shanghai’s famous riverfront Bund, adding to the five it already operates in the world’s most populous consumer market.
China, with 26 per cent in projected annual growth in the sales of luxury products including watches, clothing and shoes, has been the main growth driver for the world’s premium brands. This year’s sales may reach €30 billion (US$33.3 billion), according to a report released by research firm Bain & Co on November 28.
Chinese customers accounted for 90 per cent of the constant growth of the market in 2019, reaching 35 per cent of the value of luxury goods, according to Bain. Among them, millennials – those born between 1981 and 1996 – number more than 350 million, making up one of the biggest shares of the potential customers.
Government policies and lower price differentials continued to fuel local consumption.
To achieve this goal, Cheng said Fosun will focus on digital marketing via social media, recommendations by key opinion leaders and online sales.
“Our loyal customer are aged 40 to 50 years and we hope to extend to the younger and rich generation,” she said. “Generation X or millennials are over 30 years old and have strong purchasing power.”
Lanvin has positioned its brand as “creative luxury”, recruiting the 31-year-old Bruno Sialelli as creative designer in January this year.
But some customers said they had not yet noticed any changes in designs.
Annie Zhou, 32, a gallery curator in Shanghai, said she found the quality was good, but too old school. “It is a safe choice probably, but too boring,” said Zhou, who bought a Lanvin blouse in France three years ago. “I know about the brand because I worked in the fashion industry, but none of my friends, who are fans of Chanel, Gucci and LV, know about it.”
Lanvin’s focus will be on increasing the sales of accessories to account for 50 per cent of turnover in the next few years.
“Standard items such as leather bags and shoes are good for online sales, which customers may want to try on when buying luxury clothes,” said Cheng.
It was reported earlier this year that Fosun was in talks with some strategic investors and partners to raise US$100 million from the sale of a stake in Lanvin.

• The “Four Nos” are no dating, no sex, no marriage, and no child-rearing, according to the movement
• Marriage rates are plummeting in South Korea, where wives are often expected to work, raise children, and care for ageing in-laws with little help

“I’m a straight woman who is no longer interested in having relationships with men,” says Bonnie Lee.
She doesn’t care about finding a boyfriend or a fairy tale wedding, and will decide her own happily ever after. And she is not alone.
A growing number of South Korean women are banding together to reject rigid patriarchal norms and vowing never to wed, have children or even date and have sex.
“I’ve always felt that as a woman there are more disadvantages than advantages to being married,” says Lee, a 40-something professional who lives with her dog near Seoul.
Now she has gone even further embracing the nation’s radical feminist movement “4B” or the “Four Nos”: no dating, no sex, no marriage, and no child-rearing.
Marriage rates are plummeting in South Korea where wives are often expected to work, raise children, and care for ageing in-laws with little state or community help.
“In the marriage market, your previous life and work experience don’t matter,” explains Lee, who has two masters degrees. “For some ridiculous reason, being highly educated also becomes a minus point. What matters the most as a potential wife is whether or not you are capable of caring for your husband and in-laws.”
She has witnessed well educated friends hitting barriers at work and experiencing problems at home after having children.
Such difficulties are the subject of a recent hit film, Kim Ji-young, Born 1982 . Based on a controversial feminist novel, it centres on a married South Korean woman who has quit her job and struggles to raise her child with limited support. Women viewers rated the film an average 9.5 out of 10 stars on the South’s top search engine. Men gave it 2.8.
A growing number of women are turning their backs on the traditional expectations of South Korea’s male-dominated society, where working wives spend four times longer on domestic chores than their husbands.
A decade ago almost 47 per cent of single and never-married Korean women said they thought marriage was necessary. Last year, that fell to 22.4 per cent, while the number of couples getting hitched slumped to 257,600 – down from 434,900 in 1996.
There is no official data on the size of the 4B movement, but its members say it has at least 4,000 followers.
Meanwhile a separate feminist YouTube channel that features boycotting marriage and child rearing has more than 100,000 subscribers.
Lee has also adopted some tenets of “Escape the Corset”, a movement against South Korea’s strict beauty standards – some adherents have shared viral videos of themselves smashing up their make-up collections.