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。

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。

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。

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”。

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。

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。

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。

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。

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。

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。

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。

LVMH is a defensive play in luxury terms.

lvmh在奢侈品行业采取的是防守型战略。

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。

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。

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。

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。

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。

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。

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。

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。