But they may be having second thoughts now that Chavalit has rescinded the gasoline levy -- that tax and new surcharges on luxury goods were meant to help Thailand meet its commitment to the IMF for a budget surplus of 1% of 1998 GDP.
The market for fake luxury goods is nothing new -- knock-off Louis Vuitton bags, Rolex watches -- but the Italian Ferrari ring is an example of just how sophisticated the industry has become in the last few years.
"This growing demand for luxury goods is being driven by the new bourgeoisie, " he said.
The big prize in China is a luxury goods market that has exploded, with new wealth seeking style and status.
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New York-based Coach is a luxury brand best known for its leather goods, including handbags, suitcases, briefcases, shoes, wallets and other accessories.
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For example, in the course of reporting the story, Luxury For Less: New Web Sites And Shops Offer Gently Used Designer Goods, Forbes contributor Wendy Goffe bought the handbag pictured above at the San Francisco consignment shop, Cris.
In a country of 1.2 billion people, a country where years of staggering economic growth annually create tens of thousands of new millionaires and a recent slowdown has done little damage to a thriving luxury goods market, far less than one ten-thousandth of the population admits they are in the top tax bracket.
In addition to expanding its Saks Fifth Avenue OFF 5TH offerings of luxury goods at lower prices, the company plans to open four new stores this year.
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Analysts worry that the brand is not yet established enough to stretch easily across new categories, which include houseware and accessories such as perfume and shoes (where most luxury-goods groups make their money).
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