Thomas Chauvet, an analyst at Citi, agrees. "While Richemont and Swatch will continue to benefit from lower gold prices, let's not overestimate this impact," he says.

The latest sign of a Chinese luxury goods slowdown came from Richemont, the high end jeweller, yesterday.

瑞士高档珠宝商历峰集团（Richemont）昨日发布的公告，为中国奢侈品市场增长放缓提供了最新证据。

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Investors can be relieved that the company, unlike its customers, is in no hurry to spend it.

与自己的顾客不同，历峰并不急于花掉这些钱，这可让投资者大感放心。

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The decline has affected businesses including Richemont, Burberry and luxury jeweller Chow Tai Fook, which said this year it expected to close up to six stores in Hong Kong.

这种下滑趋势影响了包括历峰（Richemont）、博柏利（Burberry）和豪华珠宝商周大福（Chow Tai Fook）在内的企业。周大福称，预计今年将在香港关闭最多6家店。

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BAT is a" fine company "and" will maintain value," Richemont Chairman Johann Rupert said on the call.

历峰总裁约翰·鲁伯特在电话中说，英美烟草是一家“健康的公司”，将“会保值”。

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Jewellery and watch groups such as Richemont, Tiffany and Swatch are more reasonably rated on around 14.

历峰集团、蒂芙尼（Tiffany）和斯沃琪（Swatch）等珠宝及腕表企业的预期市盈率更为合理，在14倍左右。

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Ms Massenet, who founded Net-a-Porter in 2000-the same year that Federico Marchetti set up Yoox-had stayed at the helm of the business after selling it in 2010 to Switzerland's Richemont in a deal that valued the London-based group at 350m.

马斯内女士于2000年创办NAP，费德里科氠切蒂（Federico Marchetti）也于同年创办了Yoox。2010年，总部位于伦敦的NAP以3.5亿英镑卖给瑞士历峰集团（Richemont），但马斯内女士一直执掌NAP帅印。

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In20 years, it has reached a unique position, it's an icon that's independent form the Richemont group, since it's being managed by the Foundation de la Haute Horlogerie.

在20年里，由高级钟表基金管理的SIHH已建立起独一无二的地位，并成为独立于历峰集团的一支标杆。

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The resurgence at Rolls-Royce mirrors higher sales reported this year at other luxury groups including LVMH and Richemont, led largely by demand in Asia.

在劳斯莱斯复苏的同时，在亚洲需求的拉动下，包括路易威登轩尼诗（lvmh）和历峰（richemont）在内的其它奢侈品集团今年销量也出现了增长。

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Strong demand from Asia for luxury goods and recovery in more mature markets boosted sales and profits to higher-than-expected levels at LVMH in the first six months, underlining signs of a revival in the sector.

亚洲对奢侈品的旺盛需求以及更成熟市场的复苏，推动lvmh今年上半年的销售收入和利润达到高于预期的水平，突显出奢侈品行业恢复活力的迹象。

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Xinyu Hengdeli, the biggest luxury watch retailer in China, bought a 90 per cent stake in Italian hand-crafted pen brand Omas from LVMH in October for$ 3m.

中国最大的高档手表零售商新宇亨得利也在去年10月份以300万美元的价格，从路易威登（lvmh）手中购得了意大利手工钢笔品牌omas。

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Like God, Bernard Arnault is omnipresent, respected and feared both inside and outside the LVMH luxury empire he has built over the past 25 years.

在自己过去25年一手创建的奢侈品帝国路易威登轩尼诗（lvmh）内外，他像上帝一样，无所不在，广受敬畏。

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LVMH is a defensive play in luxury terms.

lvmh在奢侈品行业采取的是防守型战略。

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However, as the large groups such as swatch, Richemont and LVMH established a greater presence in China, a more exclusive watch-retailing network beyond the department stores was ripe for development.

但是，随着斯沃琪（swatch）、历峰（richemont）以及lvmh等大型集团在中国市场进行较大规模的布局，开发一个独立于百货商店外的手表零售专营网络，时机已经成熟。

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In the past six months Diageo and LVMH have also invested in Chinese producers of the grain-based spirit, partly to reinforce the marketing push for their own international drinks brands.

在过去6个月中，diageo和lvmh也纷纷投资于以粮食酿酒的中国生产商，这在一定程度上是为其自身的国际酒类品牌加强营销攻势。

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LVMH has aggressively fought piracy, both though public law suits and also more quietly, behind the scenes, in pressing the authorities for raids on counterfeiting factories.

lvmh一直大力打击假货，既通过公开的法律诉讼，也通过一些更安静的方式，在幕后给地方机构施压，突袭假冒工厂。

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Louis Vuitton, part of the LVMH group, ran advertisements showing workers using a needle and thread and other artisanal techniques.

路易·威登公司隶属于酩悦·轩尼诗-路易·威登集团，其所播放的广告显示几个工人使用针线和其他制作技艺制作皮包。

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But Louis Vuitton thrived throughout the entire occupation and war.

可是，路易·威登却躲过了这一劫，撑过了整个占领期，甚至整个战争期。

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In fact, for the most part, the city isa modern metropolis dotted with luxury shops such as Louis Vuitton.

事实上，从很多方面来看，这都是一座现代化的城市，经常可以看到路易·威登等奢侈品的专卖店。

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Imagine this: You're interviewing two people for a job. They're equally competent, capable, and qualified-but you can see that one is wearing an outfit from H& M and the other's clothes are clearly from Louis Vuitton.

想象一下，你正在面试两个能力、资历相当且都非常适合这项工作的人，但是一个人穿着H&M的服装，另一个穿了路易·威登（Louis Vuitton）的服装。

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Fast forward three-months, and his favourite new muse, Madonna, hit the Costume Institute Gala red carpet with a turquoise LV headpieces atop her head.

快进至3个月以后，他心爱的新灵感女神麦当娜头戴路易·威登绿松石帽子现身时装学院庆典的红毯。

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