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High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications J. Martin and F. Mayneris Discussion Paper 2013-27 High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz October 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. These facts are explained by a lower sensitivity to distance of high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables, the within-product specialization of a country in the production of high-end varieties is likely to affect its export growth and volatility. We show that a higher sensitivity to per capita income tends to increase the volatility of high-end variety exports. However, a lower sensitivity to distance reduces volatility through a greater geographic diversification. Furthermore, we point out that a lower sensitivity to distance allows high-end varieties to benefit more from growth in more distant markets. JEL classification: F14, F43, L15, Keywords: Gravity, Distance, Firm-level data, Growth, Volatility ∗We thank Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, Thierry Mayer, Mathieu Par- enti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski -
Luxury Goods and the Equity Premium
Luxury Goods and the Equity Premium YACINE AÏT-SAHALIA, JONATHAN A. PARKER, and MOTOHIRO YOGO∗ ABSTRACT This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk aversion necessary to match the observed equity premium. The risk aversion implied by the consumption of luxury goods is more than an order of magnitude less than that implied by national accounts data. For the very rich, the equity premium is much less of a puzzle. ∗Aït-Sahalia is with the Department of Economics and the Bendheim Center for Finance, Princeton University, and the NBER. Parker is with the Department of Economics and the Woodrow Wilson School of Public and International Affairs and the Bendheim Center for Finance, Princeton University, and the NBER. Yogo is with the Department of Economics, Harvard University. We thank the editor and an anonymous referee, Christopher Carroll, Angus Deaton, Karen Dynan, Gregory Mankiw, Masao Ogaki, Annette Vissing-Jørgensen, and participants at the NBER ME Meeting (November 2001) and the Wharton Conference on Household Portfolio-Choice and Financial Decision- Making (March 2002) for helpful comments and discussions. We thank Jonathan Miller at Miller Samuel Inc. for data on Manhattan real estate prices and Orley Ashenfelter and David Ashmore at Liquid Assets for data on wine prices. Aït-Sahalia and Parker thank the National Science Foundation (grants SBR-9996023 and SES-0096076, respectively) for financial support. -
Champagne Krug Non Vintage 0145
Bin No: 0145 Wine: Champagne Krug Non Vintage Country: France Region: Champagne Producer: Maison Krug Vintage: Non Vintage Colour: White Grape Variety: 33% Pinot Noir - 34% Chardonnay - 33% Pinot Meunier Status: Sparkling, Vegetarian - Vegan Allergens: contains sulphites Dry/Sweet: 2 (1 is dry, 7 is very sweet) abv: 12.0% - bottle size: 75cl Tasting Note: This famous Champagne has an intense bouquet with full round aromas and a superbly rich flavour of roasted hazelnuts ending on a flowery and fresh note. It has an intense bouquet with full round aromas and a superbly rich flavour. Winery information: Joseph Krug wanted to offer his clients the ultimate pleasure experience in Champagne every year, regardless of the vintage. His philosophy was to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. Krug wines show the character and the contrast between the grapes from different plots. Their Krug Grande Cuvée is the archetype of Krugs philosophy of craftsmanship. A blend of around 120 wines from ten or more different vintages, some of which may reach 15 years of age. It is this blending so many vintages that gives Krug Grande Cuvée its unique fullness of flavours and aromas, its incredible generosity and its absolute elegance - something impossible to express with the wines of just a single year. The philosophy is to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. There is no hierarchy in our selection, no plot is favoured over another. A plot may sometimes be smaller than a garden. -
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications Julien MARTIN Florian MAYNERIS Université du Québec à Université Catholique Montréal de Louvain October 2013 G-MonD Working Paper n°35 For sustainable and inclusive world development High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz December 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. In contrast to low-end export(er)s, we find that distance has almost no effect on high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables at the micro-level, specializing in the production of high-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are modified. The higher sensitivity to per capita income increases the sensitivity of high-end variety exports to destination-specific demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a greater geographic diversification of their exports, which in turn reduces aggregate volatility through a portfolio effect. Second, the lower sensitivity to distance allows high- end varieties to benefit more from demand growth, especially when it arises in distant markets. JEL classification: F14, F43, L15, Keywords: Vertical differentiation, Gravity, Distance, Volatility ∗We thank Nicolas Berman, Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, H´el`eneLatzer, Thierry Mayer, Isabelle M´ejean,Mathieu Parenti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions. -
Dear Wine Lovers, We Are Delighted to Present Fascinating Wine List With
Dear Wine Lovers, We are delighted to present fascinating wine list with the selection of classic rare and fine wines with an outstanding blend of quality and value. Some of the wines listed are rare and exceptionally vintage with only few bottles available in the world. NIYAMA is proud being able to present those unique selections to you. Some of the wines presented have not reached their top maturity yet, however if you wish to experience these, we will guide you through this unique experience. The extensive wine list selected will ensure that even most serious collectors and wine connoisseurs will find something to satisfy, amuse, and delight them. A Passion for Wine –Head Sommelier Piyal Rathnayaka, Assistant Head Sommelier-Vincent Malagueno, Junior Sommelier – Jibil Babu Dom Pérignon “Rarity” Terlano, Cantina Château Grillet, Pétrus, Grand Vin, Oenothèque, di Terlano, Alto Adige, Northern Rhône, Pomerol, Bordeaux, Moët & Chandon, Italy 1991 France 2010 France 2006 Epernay, France 1995 $1450 $510 $13600 $1200 Richebourg Grand Cru, Vega Sicilia, "Unico" Gran La Tache Grand Cru, “Bin 95” Romanée-Conti, Burgundy, Reserva, Ribera del Duero, Romanée-Conti, Burgundy, Penfolds Grange, Barossa , France 1997 Spain 2007 France 1996 South Australia 2009 $4900 $860 $7500 $1750 "The Laird", Torbreck Amarone Classico della Château Latour Château d'Yquem, Premier Estate, Marananga, Valpolicella DOP, Giuseppe (1st Growth), Pauillac, Cru Supérieur, Sauternes, Barossa Valley, Quintarelli, Verona, Bordeaux 2000 France 1995 Australia 2006 Italy 2003 -
Royal Tokaji Overview
ROYAL TOKAJI OVERVIEW TOKAJI’S ROYAL CONNECTION AND RENAISSANCE The first Tokaji aszú wine was created in the 1600s perhaps by accident — a harvest delayed by threat of enemy invasion. In 1700, Tokaj became the first European region to have its vineyards classified — its uniquely varied terroirs and climates rated “primae classis, secundae classis, tertius classis,” or “first growth, second growth, third growth,” by Prince Rakoczi II of Transylvania. This classification system is still used in Hungary today. Quality production ended with the Communist Party takeover of Hungarian winemaking. Aszú grapes were used for mass production in factories, with vineyard distinctions lost in giant tanks. Tokaj’s renaissance began after the collapse of communism with the establishment of Royal Tokaji in 1990 by well- known author Hugh Johnson and a small group of investors, who were inspired to restore and preserve Hungary’s precious wine legacy. THE TOKAJ REGION Situated along the southern slopes of the Zemplén Mountains, Tokaj is characterized by late springs and short growing seasons. The average temperatures are generally cool, with long, sunny summers and dry autumns. Tokaj’s soil is largely clay or loess with a volcanic substratum. The meeting of the Tisza and Bodrog rivers in Tokaj creates a mist similar to that of the fog in Sauternes. The mist encourages “botrytis cinerea,” or “noble rot,” which dries and shrivels the grapes that comprise Tokaji wines, and concentrates the sugars. Grapes that are infected with botrytis are commonly referred to by the Hungarian term aszú. GRAPE VARIETIES By law, only white grape varieties are allowed to be planted in Tokaj. -
Wine by the Glass Sparkling White Rosé
OCEAN HOUSE WINE BY THE GLASS SPARKLING Adami, "Garbel", Prosecco, Veneto, Italy N.V. 10 Billecart-Salmon, "Brut Reserve", Champagne, France N.V. 20 Krug, "Grand Cuvée Brut", Champagne, France N.V. 40 Schramsberg Vineyards, "Blanc de Blancs Brut", North Coast, California, USA 2015 15 Veuve Clicquot Ponsardin, "Brut Rosé", Champagne, France N.V. 20 WHITE Bortoluzzi, Pinot Grigio, Friuli-Venezia-Giulia, Italy 2017 12 Cloudy Bay, Sauvignon Blanc, Marlborough, New Zealand 2017 16 Domaine Zind-Humbrecht, Gewurztraminer, Clos Windsbuhl, Alsace, France 1998 30 Duckhorn Vineyards, Sauvignon Blanc, Napa Valley, California, USA 2016 15 Famille Perrin, Côtes-du-Rhône, Reserve, Rhone Valley, France 2015 9 Hugel & Fils Riesling Classic, Alsace, France 2015 11 Jordan Vineyard, Chardonnay, Russian River Valley, Sonoma County, California, USA 2016 18 Joseph Drouhin, Chassagne-Montrachet, Burgundy, France 2016 25 Kistler Vineyards, Vine Hill Chardonnay, Russian River Valley, USA 2013 25 Pascal Jolivet, "Attitude", Sauvignon Blanc, Loire Valley, France 2017 12 Sonoma-Cutrer Vineyards, Chardonnay, "Russian River Ranches", Sonoma Coast, Sonoma 2016 15 County, California, USA Tenuta dell'Ornellaia, Toscana Bianco, Tuscany, Italy 2013 55 Vie di Romans, Pinot Grigio, "Dessimis", Friuli Isonzo, Friuli-Venezia-Giulia, Italy 2014 25 ROSÉ Château d'Esclans, "Whispering Angel", Côtes de Provence, Provence, France 2017 15 RED Dominus Estate, Napa Valley, California, USA 1994 150 Elouan, Pinot Noir, Oregon 2016 14 Famille Perrin, Côtes-du-Rhône, Reserve 2016 9 Jonathan Edwards, Cabernet Sauvignon, Lodi, California, USA 2016 15 Justin Vineyards, "Isosceles", Paso Robles, San Luis Obispo County, California, USA 2015 30 Lamole, Chianti Classico, Tuscany, Italy 2015 14 Landmark Vineyards, Pinot Noir, "Overlook", California, USA 2016 12 Leviathan, Red Wine Blend, California, USA 2016 20 Louis Latour, Marsannay, Burgundy, France 2016 15 M. -
Give Me More! the New Marketing Mantra in Hair Care
AN ISSUE OF WOMEN’S WEAR DAILY THE BUSINESS OF BEAUTY HOLLYWOOD’S RED CARPET WHIZ KIDS INFOMERCIAL-MANIA DOLLAR STORES CASH IN GIVE ME MORE! THE NEW MARKETING MANTRA IN HAIR CARE %%3*;&29(5DLQGG 30 $QQSPWFEXJUIXBSOJOHT WWD BEAUTY INC 3 FEATURES 26 Small Screen Dreams The infomercial channel is booming as established players look to solidify their CONTENTS position amidst an onslaught of new entrants. 30 Maximum Volume Hair-care marketers are aiming to transform the way women approach hair-care regimens—and pump up sales to boot. 36 Penny Press As one of the fastest-growing channels in retail, the value-oriented dollar stores are now also the most competitive. 40 Red Carpet Whiz Kids Hollywood’s hottest young hair stylists and makeup artists. DEPARTMENTS CORNER OFFICE 8 The Laugh Master Under Aurelian Lis, Benefit’s humorous ethos has flourished, but the brand’s explosive growth in North America is no joke. 10 Black Book: Brooke Wall The super-chic founder of The Wall Group shares her favorite L.A. haunts. 11 My First Job: Jerrod Blandino Getting creative at Chuck E. Cheese. BEAUTY BULLETIN 14 Pop Rocks Spring’s bright color palette. 16 Launch Window Key products hitting stores now. 18 Singular Sensations Inspired looks from the European runways. CONSUMER CHRONICLES 20 Tinseltown’s Newest Beauty Destination Testing the waters at Hollywood’s swanky new Walgreens. 24 Shopper Stalker Who’s buying what—and why– on Manhattan’s Upper West Side. MISC 6 Pete Unplugged Pete Born, WWD’s executive editor of beauty, surveys the global indie beauty scene. -
NOTEBOOK: Wine On-Premise in 2020 — Conversations with New Master Sommeliers: Mariya Kovacheva, MS, Pernod Ricard Justin Moor
NOTEBOOK: Wine On-Premise in 2020 pg. 2 — Conversations with New Master Sommeliers: pg. 3 Mariya Kovacheva, MS, Pernod Ricard Justin Moore, MS, Vetri Cucina, Las Vegas Joshua Orr, MS, Broadbent Selections Jill Zimorski, MS, Strategic Group, Chicago, Illinois STAR LISTINGS (800+ wines) pg. 23 — USA: Gems from Russian River Valley pg. 25 — Outstanding 2016 Cabernet Sauvignons/blends pg. 36 (Napa Valley & Washington State) — Top Merlots, Rhone-Style Blends, Syrahs, Zins pg. 45 — Great Nebbiolos from Piemonte pg. 99 — Focus on Montefalco: Rosso & Sagrantino Are pg. 91 Gaining Momentum — Special Report: 2016 Red Bordeaux pg. 72 www.restaurantwine.com/subscribe Issues #187, #188 & #189 ON-PREMISE WINE 2020: Wine Service Will Sell, but E-MAIL: Not New Tariffs [email protected] looks to be one of the most turbulent years on-premise in a decade. Internet: 2020 The list of challenges and possible issues is lengthy—ranging from labor shortages, food price increases, falling customer counts, the coronavirus www.restaurantwine.com outbreak, and stiffer trade tariffs--which, for the moment, have been postponed, www.ronnwiegand.com pending on-going trade negotiations. www.tastetour.com Despite these headwinds, and inevitable bumps along the road—be they political, ABOUT THE PUBLISHER: social, and/or economic—2020 looks to be a lukewarm if positive year in the US Ronn Wiegand, the first person in the world to hold both for the restaurant industry, notably for restaurants selling wine. the Master of Wine & Master Sommelier titles, had the distinction of passing both exams on his first attempt and receiving exclusive awards (Tim Derouet, Krug Cup) for The most serious downside risk to wine sales in the US on-premise market was the top scores in each. -
June 2015 Portfolio
June 2015 Portfolio Tel: 020 7359 1608 [email protected] Discussion and plans began back in April 2014 and we launched TFB a few months later in September, with a tasting of some of the first wines to make it on to our website. Since then we have been on Our Team a fast and exciting journey of discovery. The range has developed considerably and I now feel we have a core of great champagnes to Nick offer something for everyone. Managing Director [email protected] Our business model is to keep our overheads at an absolute min- 07973 654097 imum, so we can bring you great value, especially if you take ad- vantage of tiered pricing. We are also trying to encourage people to Carol try new champagnes, so don’t forget you can mix up the bottles in PR and Marketing Manager a case and if we can help you choose we are just a phone call away. [email protected] 07866 693453 In the last 20 years we have had a couple of vintages in Champagne that are widely acclaimed as outstanding, these being 1996 and Chris 2002, which is why we have sourced as much as we can of these Office Manager now rare finds. The 1996s are increasingly scarce and so are some [email protected] of the 2002’s so we encourage you to cellar some of these before 07957 027337 they are gone or before I drink them! There are many other vintag- es rated a little less than a perfect 100, but just as delicious, check Denis out the website for more detailed vintage information. -
2018 Annual Financial Report 1 01 VA V2 24/06/2019 15:19 Page2
01_VA_V2 24/06/2019 15:19 PageI Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2018 01_VA_V2 24/06/2019 15:19 PageII 01_VA_V2 24/06/2019 15:19 Page1 Contents Management Report of the Board of Directors – Financière Agache group 3 1. The Financière Agache business model 3 2. Business overview, highlights and outlook 7 3. Business and financial review 27 4. Ethics and responsibility 43 5. Environment and sustainability 69 6. Attracting and retaining talent 85 7. Corporate philanthropy 101 8. Financial and operational risk management and internal control 107 Management Report of the Board of Directors – Financière Agache SA 121 1. Results of Financière Agache SA 122 2. Information regarding the Company’s share capital 123 3. Membership of the Board of Directors 123 Board of Directors’ report on corporate governance 125 1. List of all corporate offices and positions held by company officers 126 2. Summary of existing delegations and financial authorizations and use made of them 128 3. Authorizations proposed at the Shareholders’ Meeting 129 4. Information on the related- party agreements covered by Article L. 225- 37- 4 2° of the French Commercial Code 129 Consolidated financial statements 131 1. Consolidated income statement 132 2. Consolidated statement of comprehensive gains and losses 133 3. Consolidated balance sheet 134 4. Consolidated statement of changes in equity 135 5. Consolidated cash flow statement 136 6. Notes to the consolidated financial statements 138 7. Statutory Auditors’ report on the consolidated financial statements 202 Parent company financial statements: Financière Agache 207 1. Balance sheet 208 2. -
The Comité Colbert in 2014 Le Comité the 60 Th Colbert Anniversary of 1954-2014 a 60 Ans the Comité Colbert
Créé en 1954, le Comité Colbert rassemble les Founded in 1954, the Comité Colbert gathers 20 maisons françaises du luxe et des institutions French luxury houses and several cultural culturelles. Elles œuvrent ensemble au rayon- institutions. They work together to promote 14 nement international de l’art de vivre français. French art de vivre at international level. COMITÉ COLBERT 2014 COMITÉ COLBERT LE COMITÉ COLBERT EN 2014 THE COMITÉ COLBERT IN 2014 LE COMITÉ THE 60 TH COLBERT ANNIVERSARY OF 1954-2014 A 60 ANS THE COMITÉ COLBERT Michel Bernardaud Créé en 1954, le Comité Colbert fête Created in 1954, the Comité Colbert is — cette année son soixantième anniversaire. celebrating its 60 th anniversary this year. Président du Que de chemin parcouru depuis que Jean- Our association has come a long way since Comité Colbert Jacques Guerlain réunissait autour de Jean-Jacques Guerlain first got some fifteen Chairman of the board lui 15 maisons familiales, mais en même family-held luxury businesses to join this Comité Colbert temps quelle puissance visionnaire dans unprecedented, visionary group. ce regroupement inédit. The founding values – the dignity of hand Les valeurs affirmées au départ – crafts, respect, high standards, innovation, dignité des métiers manuels, respect et transmission and export-led growth – exigence, innovation et transmission, continue to be upheld today, in theory croissance par l’export – n’ont cessé d’être and in practice. revendiquées et mises en pratique. The founders’ bold initiative has led to Le succès est au rendez-vous : les maisons success. Today, our luxury houses help drive françaises du luxe participent pleinement economic growth in France.