Word: brandsness
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One exemption that is already drawing fire is the so-called "German loophole," which allows automakers selling fewer than 400,000 vehicles in the U.S. to meet a weaker EPA standard. All the German automakers - Mercedes, BMW and Volkswagen - will qualify for the exemption as well as Mitsubishi, Subaru, Kia...
Luxury brands responded by reining in spending, closing unprofitable stores, and offering secondary lines with lower price tags.
A survey, released this month by the Luxury Institute, found more than half of wealthy consumers with annual incomes exceeding $150,000 believe there are too many luxury brands, and 44% think many luxury brands have become commodities.
Pedraza expects "15% to 20% of brands in luxury categories, particularly the marginal brands, will go under."
He established a bridgehead outside Latin America in September, opening La Mar in San Francisco, which specializes in seafood and Peru's signature creation, ceviche. But that is just the beginning. He sees New York City as the real launching pad for rapid expansion. "If we make it in New...