Luxury optimism, Long live the it bag, Hermès sells Jean Paul Gaultier stake, Prada’s naysayers, Face of the future

Louis Vuitton Spring/Summer 2011 Handbags | Source: Louis Vuitton

Luxury goods set for another record year (Reuters)
“The outlook for the luxury goods market has improved significantly in recent months, boosted by a stronger-than-expected rebound in the United States and Europe and surging demand in China, consultancy Bain & Co said.”

Why those in the know are no longer in with the It Bag (Independent)
“The It Bag is dead! Long live the It Bag!… And that is the new direction for fashion in times of tightened belts and shallow pockets: the unobtrusive item recognised by a privileged few and, therefore, with a much longer fashionable lifespan.”

Hermès Sells Stake in Gaultier’s Fashion House (IHT)
“‘I am delighted with this move for a house that is dear to our heart,’ Patrick Thomas, the Hermès chief executive, said in a statement. ‘I am convinced that the alliance between Jean Paul Gaultier and the Puig family will take the house to new highs.’”

Hong Kong Feminists Bristle at Prada IPO (WWD)
“Prada’s upcoming IPO in Hong Kong is upsetting feminists in the city… The feminist organization has posted two letters on its Web site; one in Chinese addressed to Prada chief executive officer Patrizio Bertelli, and another in English addressed to the Hong Kong Stock Exchange.”

Liu Wen: Face of the future (Telegraph)
“At 24 Liu Wen is China’s biggest fashion star, a global ambassador for Estée Lauder, and in the vanguard of an Asian invasion of catwalks in Europe and America… In September 2009 Liu broke with the stereotype and became the first Chinese girl to model for the raunchy Victoria’s Secret show in New York.”