Luxury market loses oomph

Hermès of Paris, or simply Hermès, is a French manufacturer of quality goods established in 1837. Today it specializes in leather, lifestyle accessories, perfumes, luxury goods, and ready-to-wear. Hermès is kNo wn for its handmade luggage and handbags. Hermes' handbag is syNo nymous with luxury and status. It has become a must-have item for some rich Chinese women, even though it costs more than two years' salary of average white-collar worker.

Trendy young women walk past a luxury fashion boutique of Hermes in Shanghai, China, 4 September 2013. [Photo/dfic.cn]