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| 00:00 | Now, Monte Carlo is synonymous with glitz, glamour, and big money. |
| 00:05 | It was no coincidence that chiefs from the world's luxury goods sector gathered in the city state this week. |
| 00:10 | We sent our reporter Ryan Chilcote along as well. |
| 00:13 | He would examine how companies from Burberry to Jimmy Choo are faring as the recession hits even the super rich. |
| 00:20 | Monte Carlo is one, if not the place the world's rich come to sun and be seen. |
| 00:25 | This week though, Monaco has also been host to the world's biggest luxury makers. |
| 00:30 | Unlike previous downturns that missed the super wealthy, this one has been sobering for the luxury market. |
| 00:36 | While business is not as ugly as it was just a few months ago, no one is exactly happy where things stand. |
| 00:42 | The market trend is pretty challenging. |
| 00:46 | I would say down 15 percent, as a relative position of strength is very cold comfort. 'Down 15 percent' stinks. |
| 00:54 | We have begun in certain markets to see the business stabilize. It's not getting any worse. |
| 00:59 | I'm not going to tell you in some of those markets - like Spain or America by now - that it's getting any better. |
| 01:04 | Europe's capital of luxury mirrors what's happening in the broader market. |
| 01:08 | Demand for property in the principality, some of the most expensive in the world, is down about 35 percent. |
| 01:14 | Many say that's because the wealthy got a little too carried away in the last boom. |
| 01:18 | They argue it's time for both the city state and luxury makers to get back to their roots: making the very best, making it very exclusive. |
| 01:27 | No...store in each corner of the city, no store with hundred-thousand piece of fabric inside with the logo... |
| 01:36 | ...and no soap or perfume, shampoo with an incredible, charming name? No sense at all. |
| 01:43 | Luxury makers would love to get people to spend even more money on fashion than they do in Monaco... |
| 01:49 | ...but the reality is the real focus isn't here at all. |
| 01:53 | The reason why their sales aren't any worse than they are, and their great big hope, is that way. |
| 02:00 | -I think China is the real market for us. -You've got this balance across the different geographies. |
| 02:05 | You've got markets like Hong Kong that have held their own, and markets like China that have not really felt the declines. |
| 02:12 | Night falls in Monte Carlo, and the lights haven't exactly gone out. But they certainly aren't burning as brightly as they were. |
| 02:20 | It may just take Monaco, and the luxury market as a whole, some time to get its luster back. Ryan Chilcote, Bloomberg News, Monte Carlo. |
| 02:30 | Ryan Chilcote will continue hanging out with the rich and famous in Monte Carlo. |
| 02:34 | Our coverage from Monte Carlo continues tomorrow with a look at how the recession has hit the hedge fund industry. |
| 02:40 | You don't want to miss that. |
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