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The Star
04-05-2025
- The Star
Counterfeit Manolos and Birkins put Jakarta in crosshairs of US trade office
JAKARTA: A stroll through ITC Mangga Dua, one of Jakarta's largest wholesale markets, felt less like a shopping trip and more like a masterclass in counterfeit couture. Rows of 'Manolo Blahnik' and 'Jimmy Choo' heels glinted behind glass counters. Above them, gleaming 'Rolex' watches sat beside belts stamped with the 'Ferragamo' logo. Floor-to-ceiling shelves brimmed with designer handbags – inspired by brand names such as Louis Vuitton, Hermes, Dior and Balenciaga. Standing in stark contrast, the scruffy walls, cracked tiles and creaky escalators were a clear reminder that this was no luxury mall. A recent check by The Straits Times found a 'Ferragamo' belt selling for 1.5 million rupiah (S$118), a 'Cartier' watch for 6.5 million rupiah, and a pair of faux Chanel stud earrings priced the same as the belt. 'Hermes Birkin' handbags cost from just 600,000 rupiah for the PVC version, while cow leather replicas went for up to 2.5 million rupiah. Genuine Birkin bag prices vary significantly, from about US$10,000 (S$13,000) for an entry-level model to as much as US$2 million for exotic leathers and unusual colours, with a wait time of as long as six years as the bags are handmade and must be ordered in advance. Mangga Dua – which means two mangoes, a nod to the area's once-abundant mango trees – is a sprawling cluster of shopping centres, including ITC Mangga Dua, in North Jakarta. It has openly sold fake luxury goods for decades. Mangga Dua, Jakarta's famous shopping area, was named a global hot spot for fake goods in the US 2024 Review of Notorious Markets for Counterfeiting and Piracy, released in January. - ST PHOTO: ARLINA ARSHAD Some shops labelled the merchandise as 'original branded imports', but most made little attempt to disguise the truth. From low-grade knock-offs to so-called 'super' fakes that closely resembled genuine items, everything was on offer – at a fraction of the price of the real deal. At one stall, a vendor thrust two 'Goyard' totes into this reporter's hands. 'This one is KW1 – first grade. The canvas is softer and the straps are made of leather, like the real one, 2.5 million rupiah. The other, KW2, is 750,000 rupiah,' she explained, pointing to a version that felt stiffer and less pliant. KW, short for kwalitas or quality, refers to imitation goods that are graded by tiers based on how closely they resemble the originals. 'We shipped one bag to Singapore just last week. No problem with Customs. Just buy – nobody can tell it's fake,' she said. Other sellers offered tips on sourcing. South Korea-made 'Lady Dior' bags fetch several million rupiah, while cheaper China-made versions sell for a third of the price. According to the Global Organised Crime Index website, Indonesia has served as both a transit hub and a local market for fake goods, owing to its proximity to China and strong domestic demand. The rise of e-commerce has worsened the issue, with fake listings often slow to be taken down. A joint report by the Organisation for Economic Cooperation and Development and the European Union Intellectual Property Office ranked Indonesia among the world's top sources of counterfeit handbags, clothing, cosmetics, footwear, toys and jewellery between 2017 and 2019. While the counterfeit trade has long flourished, it recently came under renewed international scrutiny. In its 2024 Review of Notorious Markets for Counterfeiting and Piracy, released on Jan 8, the Office of the United States Trade Representative (USTR) named Mangga Dua among 71 global markets – 38 online and 33 physical – that facilitated large-scale trade in fake goods. Other South-East Asian markets flagged were Phnom Penh's Central Market, Kuala Lumpur's Petaling Street, Manila's Greenhills, Bangkok's MBK Centre and Ho Chi Minh City's Saigon Square. While online platforms are a growing concern, the USTR said physical markets remained key conduits, particularly in places with weak enforcement. Mangga Dua, it noted, was notorious for counterfeit handbags, toys, clothing and leather goods, but saw 'little to no enforcement'. Warning letters had proven ineffective, and stakeholders continued to raise concerns about the lack of criminal prosecutions. The report came as Washington escalated trade pressure, recently imposing a 32 per cent tariff on Indonesian exports. On April 29, the USTR placed Indonesia on its Priority Watch List for 'serious concerns over weak intellectual property protection or enforcement', noting that counterfeit production had shifted locally and sales were increasingly moving online. Trade Minister Budi Santoso pledged to investigate the USTR's claims. Moga Simatupang, director of consumer protection at the Trade Ministry, reportedly said enforcement efforts were often hampered by the requirement for formal complaints from trademark holders – many of which are based overseas. Still, Coordinating Minister for Economic Affairs Airlangga Hartarto said on April 23 that trademark violations at Mangga Dua had not been raised during his recent negotiations in Washington. Despite the illegality of selling counterfeit goods, demand for affordable luxury, coupled with lax regulation and a public often unaware of or indifferent to the legal risks, has allowed the trade to endure. Vendors at Mangga Dua appeared unfazed. Most, however, declined to give their names. 'Crackdowns do happen, but they don't last. This time, it's because of (US President) Donald Trump,' said one shopkeeper. 'If the US is so unhappy, they should go after China – they make the goods. We just sell them.' 'We don't pretend our goods are real,' said another vendor who gave her name as Ita. 'People know they're fakes – the difference is like the sky and the earth. Who can afford the real ones? They cost too much.' Sellers said their customers included tourists from Europe, the Middle East and South-East Asia, some of whom bought in bulk or asked for items to be shipped overseas. German tourist Jen Meier, 53, said she was curious to visit Mangga Dua after watching YouTube videos by other travellers and following recent debates on TikTok, where Chinese manufacturers claimed a lot of goods sold abroad were of similar quality to those made in China. 'I didn't come with the intention to shop, but I ended up buying a small purse as a souvenir. I want to bring one back to show my friends,' she told ST. Indonesian marketing executive Sari Fitri, 35, who bought a 'Prada' handbag, said that dressing well was important in her line of work, but her salary made it impossible to afford genuine designer goods. 'I'm a bargain hunter. It's easy to find fakes here and there's no penalty for buying them,' she told ST. 'My friends also buy counterfeit items – some of the designs are really cool. It's a guilty pleasure, finding something that looks premium for cheap.' - The Straits Times/ANN
Zawya
21-04-2025
- Automotive
- Zawya
Buick finally had cars Americans wanted to buy
DETROIT - General Motors' GM.N Buick was on a roll. Sales for the once-stodgy brand were up 39% in the first quarter with a refreshed lineup of compact SUVs including the Envision, Encore GX, and the Envista, its top-selling SUV for under $30,000. Then President Trump's tariffs hit. Buick's three most popular models are made outside the U.S. The Envista and Encore GX are both built in South Korea, while the Envision SUV is made in China. That means all three are now subject to stiff tariffs that could add thousands to sticker prices on dealer lots in the U.S. Buick's South Korea-made models face a 27.5% tariff and the Envision out of China faces a steep 47.5% fee with a 25% auto tariff, a 20% China fentanyl tariff and a previously existing 2.5% auto tax, according to a Barclays analysis. It's bad news for Buick dealers, which have been thrilled by recent models by the brand that has for years struggled to shake off a stereotype that may no longer apply. Analysts believe higher prices could stall Buick's momentum, and even threaten its survival. "The latest wave of Buick vehicles is affordable, are good quality, are decent vehicles, and ruining that with a cost disadvantage could upset Buick as a going entity in the U.S.," said Sam Fiorani, vice president of research firm AutoForecast Solutions. Buick declined to comment for this story. RE-EVALUATING PORTFOLIOS Trump's tariffs are pushing auto executives to analyze their portfolios and evaluate if the costs are worth it in the long term to keep importing some foreign-made models. The tariffs, enacted earlier this month, have already led to some changes. GM moved to increase truck output at an Indiana plant and Stellantis maker of Ram trucks and Jeeps, temporarily halted production at two plants in Mexico and in Canada. In a Tuesday, April 15 note, Barclays said it's assuming automakers "will no longer sell vehicles that cannot be sold profitably," including vehicles imported from China and Korea as a result of auto tariffs. For GM specifically, Barclays expects the automaker will cease imports out of Korea and China of about 450,000 vehicles because of tariffs. Barclays is cutting its 2025 GM earnings before interest and taxes estimates by 40% based on lower volume and the gross tariff impact of about $9.5 billion. For its crosstown competitor Ford Motor F.N, Barclays expects a 60% reduction with a gross tariff impact of about $7 billion. Ford ships its Lincoln Nautilus from China. Affordable vehicles like the Envista and Chevrolet Trax, both built in South Korea, stand to take the biggest hit from tariffs because automakers often build them outside the U.S. The impact on affordable vehicles is an industry-wide concern with the average transaction price of a new vehicle in the U.S. "north of $48,000," according to research firm Cox Automotive, which expects tariffs will cause a 10% to 15% increase in prices of affected models, and an overall 5% jump in prices of vehicles not subject to the levies. STALLING THE NEW BUICK Buick's lineup has either been replaced or refreshed in the last 20 months leading to sales increases. The brand's yearly sales in 2023 increased by 61% and by 10% in 2024, according to the company's sales figures. The 2023 arrival of the Envista, a small SUV priced starting at $23,800, elevated the brand. New styling for the Envision, a compact SUV starting at $36,500, came last year, further amplifying it. 'Envision is the bestseller right now,' said Jeff Laethem, GMC and Buick dealer in Detroit. 'Once they put the Envista styling on it, that's when it took off.' Buick's market share in the U.S. has jumped from 0.8% in 2022 to 1.1% in 2024 and 1.6% in the first quarter of 2025, according to data from Buick has 'probably the strongest momentum they've had in decades,' said Ivan Drury, director of insights at research firm Edmunds. 'If this momentum slows down, stalls or stops, then it's not putting a nail in the coffin, but you're really ruining a good thing … it does dampen the dream of bringing back what was a very historic and important nameplate in the U.S. auto industry.' Buick had a healthy supply on dealer lots as of early April with 53 days, above the industry average of 47, according to Edmunds. While the global trade war continues, GM also has to consider the difficulties it's facing in China, a leading market for the Buick brand. GM and other foreign automakers in China have been struggling to gain footing in a market overtaken by domestically-manufactured electric vehicles. Buick's sales have declined in China by 65% from 2020 to 2024, according to data from Telemetry, a Detroit-area automotive advisory firm. With tariffs and market uncertainty in China, there is a 'risk to the survival of the brand,' said Sam Abuelsamid, vice president of insights at Telemetry. (Reporting by Kalea Hall, Editing by David Gaffen and Michael Learmonth)
Yahoo
21-04-2025
- Automotive
- Yahoo
Buick finally had cars Americans wanted to buy — then came tariffs
By Kalea Hall DETROIT (Reuters) -General Motors' Buick was on a roll. Sales for the once-stodgy brand were up 39% in the first quarter with a refreshed lineup of compact SUVs including the Envision, Encore GX, and the Envista, its top-selling SUV for under $30,000. Then President Trump's tariffs hit. Buick's three most popular models are made outside the U.S. The Envista and Encore GX are both built in South Korea, while the Envision SUV is made in China. That means all three are now subject to stiff tariffs that could add thousands to sticker prices on dealer lots in the U.S. Buick's South Korea-made models face a 27.5% tariff and the Envision out of China faces a steep 47.5% fee with a 25% auto tariff, a 20% China fentanyl tariff and a previously existing 2.5% auto tax, according to a Barclays analysis. It's bad news for Buick dealers, which have been thrilled by recent models by the brand that has for years struggled to shake off a stereotype that may no longer apply. Analysts believe higher prices could stall Buick's momentum, and even threaten its survival. "The latest wave of Buick vehicles is affordable, are good quality, are decent vehicles, and ruining that with a cost disadvantage could upset Buick as a going entity in the U.S.," said Sam Fiorani, vice president of research firm AutoForecast Solutions. Buick declined to comment for this story. Trump's tariffs are pushing auto executives to analyze their portfolios and evaluate if the costs are worth it in the long term to keep importing some foreign-made models. The tariffs, enacted earlier this month, have already led to some changes. GM moved to increase truck output at an Indiana plant and Stellantis, maker of Ram trucks and Jeeps, temporarily halted production at two plants in Mexico and in Canada. In a Tuesday, April 15 note, Barclays said it's assuming automakers "will no longer sell vehicles that cannot be sold profitably," including vehicles imported from China and Korea as a result of auto tariffs. For GM specifically, Barclays expects the automaker will cease imports out of Korea and China of about 450,000 vehicles because of tariffs. Barclays is cutting its 2025 GM earnings before interest and taxes estimates by 40% based on lower volume and the gross tariff impact of about $9.5 billion. For its crosstown competitor Ford Motor, Barclays expects a 60% reduction with a gross tariff impact of about $7 billion. Ford ships its Lincoln Nautilus from China. Affordable vehicles like the Envista and Chevrolet Trax, both built in South Korea, stand to take the biggest hit from tariffs because automakers often build them outside the U.S. The impact on affordable vehicles is an industry-wide concern with the average transaction price of a new vehicle in the U.S. "north of $48,000," according to research firm Cox Automotive, which expects tariffs will cause a 10% to 15% increase in prices of affected models, and an overall 5% jump in prices of vehicles not subject to the levies. Buick's lineup has either been replaced or refreshed in the last 20 months leading to sales increases. The brand's yearly sales in 2023 increased by 61% and by 10% in 2024, according to the company's sales figures. The 2023 arrival of the Envista, a small SUV priced starting at $23,800, elevated the brand. New styling for the Envision, a compact SUV starting at $36,500, came last year, further amplifying it. 'Envision is the bestseller right now,' said Jeff Laethem, GMC and Buick dealer in Detroit. 'Once they put the Envista styling on it, that's when it took off.' Buick's market share in the U.S. has jumped from 0.8% in 2022 to 1.1% in 2024 and 1.6% in the first quarter of 2025, according to data from Buick has 'probably the strongest momentum they've had in decades,' said Ivan Drury, director of insights at research firm Edmunds. 'If this momentum slows down, stalls or stops, then it's not putting a nail in the coffin, but you're really ruining a good thing … it does dampen the dream of bringing back what was a very historic and important nameplate in the U.S. auto industry.' Buick had a healthy supply on dealer lots as of early April with 53 days, above the industry average of 47, according to Edmunds. While the global trade war continues, GM also has to consider the difficulties it's facing in China, a leading market for the Buick brand. GM and other foreign automakers in China have been struggling to gain footing in a market overtaken by domestically-manufactured electric vehicles. Buick's sales have declined in China by 65% from 2020 to 2024, according to data from Telemetry, a Detroit-area automotive advisory firm. With tariffs and market uncertainty in China, there is a 'risk to the survival of the brand,' said Sam Abuelsamid, vice president of insights at Telemetry. Sign in to access your portfolio
Yahoo
19-04-2025
- Automotive
- Yahoo
Buick finally had cars Americans wanted to buy — then came tariffs
By Kalea Hall DETROIT (Reuters) -General Motors' Buick was on a roll. Sales for the once-stodgy brand were up 39% in the first quarter with a refreshed lineup of compact SUVs including the Envision, Encore GX, and the Envista, its top-selling SUV for under $30,000. Then President Trump's tariffs hit. Buick's three most popular models are made outside the U.S. The Envista and Encore GX are both built in South Korea, while the Envision SUV is made in China. That means all three are now subject to stiff tariffs that could add thousands to sticker prices on dealer lots in the U.S. Buick's South Korea-made models face a 27.5% tariff and the Envision out of China faces a steep 47.5% fee with a 25% auto tariff, a 20% China fentanyl tariff and a previously existing 2.5% auto tax, according to a Barclays analysis. It's bad news for Buick dealers, which have been thrilled by recent models by the brand that has for years struggled to shake off a stereotype that may no longer apply. Analysts believe higher prices could stall Buick's momentum, and even threaten its survival. "The latest wave of Buick vehicles is affordable, are good quality, are decent vehicles, and ruining that with a cost disadvantage could upset Buick as a going entity in the U.S.," said Sam Fiorani, vice president of research firm AutoForecast Solutions. Buick declined to comment for this story. Trump's tariffs are pushing auto executives to analyze their portfolios and evaluate if the costs are worth it in the long term to keep importing some foreign-made models. The tariffs, enacted earlier this month, have already led to some changes. GM moved to increase truck output at an Indiana plant and Stellantis, maker of Ram trucks and Jeeps, temporarily halted production at two plants in Mexico and in Canada. In a Tuesday, April 15 note, Barclays said it's assuming automakers "will no longer sell vehicles that cannot be sold profitably," including vehicles imported from China and Korea as a result of auto tariffs. For GM specifically, Barclays expects the automaker will cease imports out of Korea and China of about 450,000 vehicles because of tariffs. Barclays is cutting its 2025 GM earnings before interest and taxes estimates by 40% based on lower volume and the gross tariff impact of about $9.5 billion. For its crosstown competitor Ford Motor, Barclays expects a 60% reduction with a gross tariff impact of about $7 billion. Ford ships its Lincoln Nautilus from China. Affordable vehicles like the Envista and Chevrolet Trax, both built in South Korea, stand to take the biggest hit from tariffs because automakers often build them outside the U.S. The impact on affordable vehicles is an industry-wide concern with the average transaction price of a new vehicle in the U.S. "north of $48,000," according to research firm Cox Automotive, which expects tariffs will cause a 10% to 15% increase in prices of affected models, and an overall 5% jump in prices of vehicles not subject to the levies. Buick's lineup has either been replaced or refreshed in the last 20 months leading to sales increases. The brand's yearly sales in 2023 increased by 61% and by 10% in 2024, according to the company's sales figures. The 2023 arrival of the Envista, a small SUV priced starting at $23,800, elevated the brand. New styling for the Envision, a compact SUV starting at $36,500, came last year, further amplifying it. 'Envision is the bestseller right now,' said Jeff Laethem, GMC and Buick dealer in Detroit. 'Once they put the Envista styling on it, that's when it took off.' Buick's market share in the U.S. has jumped from 0.8% in 2022 to 1.1% in 2024 and 1.6% in the first quarter of 2025, according to data from Buick has 'probably the strongest momentum they've had in decades,' said Ivan Drury, director of insights at research firm Edmunds. 'If this momentum slows down, stalls or stops, then it's not putting a nail in the coffin, but you're really ruining a good thing … it does dampen the dream of bringing back what was a very historic and important nameplate in the U.S. auto industry.' Buick had a healthy supply on dealer lots as of early April with 53 days, above the industry average of 47, according to Edmunds. While the global trade war continues, GM also has to consider the difficulties it's facing in China, a leading market for the Buick brand. GM and other foreign automakers in China have been struggling to gain footing in a market overtaken by domestically-manufactured electric vehicles. Buick's sales have declined in China by 65% from 2020 to 2024, according to data from Telemetry, a Detroit-area automotive advisory firm. With tariffs and market uncertainty in China, there is a 'risk to the survival of the brand,' said Sam Abuelsamid, vice president of insights at Telemetry. Sign in to access your portfolio
Yahoo
19-04-2025
- Automotive
- Yahoo
Buick finally had cars Americans wanted to buy
By Kalea Hall DETROIT (Reuters) -General Motors' Buick was on a roll. Sales for the once-stodgy brand were up 39% in the first quarter with a refreshed lineup of compact SUVs including the Envision, Encore GX, and the Envista, its top-selling SUV for under $30,000. Then President Trump's tariffs hit. Buick's three most popular models are made outside the U.S. The Envista and Encore GX are both built in South Korea, while the Envision SUV is made in China. That means all three are now subject to stiff tariffs that could add thousands to sticker prices on dealer lots in the U.S. Buick's South Korea-made models face a 27.5% tariff and the Envision out of China faces a steep 47.5% fee with a 25% auto tariff, a 20% China fentanyl tariff and a previously existing 2.5% auto tax, according to a Barclays analysis. It's bad news for Buick dealers, which have been thrilled by recent models by the brand that has for years struggled to shake off a stereotype that may no longer apply. Analysts believe higher prices could stall Buick's momentum, and even threaten its survival. "The latest wave of Buick vehicles is affordable, are good quality, are decent vehicles, and ruining that with a cost disadvantage could upset Buick as a going entity in the U.S.," said Sam Fiorani, vice president of research firm AutoForecast Solutions. Buick declined to comment for this story. RE-EVALUATING PORTFOLIOS Trump's tariffs are pushing auto executives to analyze their portfolios and evaluate if the costs are worth it in the long term to keep importing some foreign-made models. The tariffs, enacted earlier this month, have already led to some changes. GM moved to increase truck output at an Indiana plant and Stellantis, maker of Ram trucks and Jeeps, temporarily halted production at two plants in Mexico and in Canada. In a Tuesday, April 15 note, Barclays said it's assuming automakers "will no longer sell vehicles that cannot be sold profitably," including vehicles imported from China and Korea as a result of auto tariffs. For GM specifically, Barclays expects the automaker will cease imports out of Korea and China of about 450,000 vehicles because of tariffs. Barclays is cutting its 2025 GM earnings before interest and taxes estimates by 40% based on lower volume and the gross tariff impact of about $9.5 billion. For its crosstown competitor Ford Motor, Barclays expects a 60% reduction with a gross tariff impact of about $7 billion. Ford ships its Lincoln Nautilus from China. Affordable vehicles like the Envista and Chevrolet Trax, both built in South Korea, stand to take the biggest hit from tariffs because automakers often build them outside the U.S. The impact on affordable vehicles is an industry-wide concern with the average transaction price of a new vehicle in the U.S. "north of $48,000," according to research firm Cox Automotive, which expects tariffs will cause a 10% to 15% increase in prices of affected models, and an overall 5% jump in prices of vehicles not subject to the levies. STALLING THE NEW BUICK Buick's lineup has either been replaced or refreshed in the last 20 months leading to sales increases. The brand's yearly sales in 2023 increased by 61% and by 10% in 2024, according to the company's sales figures. The 2023 arrival of the Envista, a small SUV priced starting at $23,800, elevated the brand. New styling for the Envision, a compact SUV starting at $36,500, came last year, further amplifying it. 'Envision is the bestseller right now,' said Jeff Laethem, GMC and Buick dealer in Detroit. 'Once they put the Envista styling on it, that's when it took off.' Buick's market share in the U.S. has jumped from 0.8% in 2022 to 1.1% in 2024 and 1.6% in the first quarter of 2025, according to data from Buick has 'probably the strongest momentum they've had in decades,' said Ivan Drury, director of insights at research firm Edmunds. 'If this momentum slows down, stalls or stops, then it's not putting a nail in the coffin, but you're really ruining a good thing … it does dampen the dream of bringing back what was a very historic and important nameplate in the U.S. auto industry.' Buick had a healthy supply on dealer lots as of early April with 53 days, above the industry average of 47, according to Edmunds. While the global trade war continues, GM also has to consider the difficulties it's facing in China, a leading market for the Buick brand. GM and other foreign automakers in China have been struggling to gain footing in a market overtaken by domestically-manufactured electric vehicles. Buick's sales have declined in China by 65% from 2020 to 2024, according to data from Telemetry, a Detroit-area automotive advisory firm. With tariffs and market uncertainty in China, there is a 'risk to the survival of the brand,' said Sam Abuelsamid, vice president of insights at Telemetry. Sign in to access your portfolio
