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RPC,


Yes, there has been lots of consolidation of luxury goods brands in recent years. However for most of these companies the main demand story has been China, where due to pervasive fakery, it has been more important in terms of maintaining the premium brand image to keep manufacturer in Western markets. Hence why most high end goods from apparel to motor vehicles will still be imported into China despite the manufacturing and distribution cost advantages that making them there would bring. Italy will do just as well as the UK will for this purpose, probably better. I doubt though that Church's ladies ranges being manufactured in Italy implies any significant reduction in quality over being made in the UK, this would apply much more to mass market goods (for "ordinary people") made in lower cost markets at higher volumes.


Henry

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