CLOSING LUXURY SHORTS

SWATCH +45.54% has been a LT structural short.
See full idea at: Swatch

RMS +5.3% and MC +4.5% have been shorts as part of our
See full idea at: Hermes

See full idea at: LVMH

TELCO vs LUX trade in Q4 2015 and for the start of 2016

These have been good bears and the structural themes continue to point negatively. However, recent commentary suggests china is now finding a bottom, and while tourism is still likely to be weaker, the US consumer is in a tough spot & HK is still awful.
These issues are all well known into what is likely to be a poor earnings season. See BRBY and BOSS for price action on inline numbers.

We are happy to cover and revisit later.