French luxury goods company, Christian Dior (XPAR:CDI, Financial), was up approximately 18% during the quarter, rebounding from a two-year slump due to China’s economic slowdown and the government’s anti-corruption movement to dissuade displays of wealth. In the second half of 2016, China’s penchant for fashion and leather goods renewed, with sales at the fastest pace in more than a year. LVMH, of which Christian Dior owns 41%, successfully took control of family-owned luxury luggage maker Rimowa in Germany. International Gaming Technology (IGT), the Italian gaming and lottery company, continued its winning streak, recording good gaming revenues on the back of lottery license extensions in Georgia and Texas.
From the Polaris Global Value Fund 4th Quarter 2016 Commentary.
