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1 ｨｰｨｪｨｨｨｺ 0503ｨ ｨｪ ｨ, ｨ ｨｪ0609ｨ MODUS OPERANDI ｨｰｨ ｨｰｨｹ02 ｨ ｨｪｨ 05ｨｨ04ｨｨ08ｨｮ02ｨｰ0907 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ000609ｨ ｨｹ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ (Bosco di Ciliedgi, Mercury Group ｨｨ ｨ ｨｬｨｨ05ｨｹ080603) ｨ 01ｨ 07ｨｰｨ 02ｨｨｨｨ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00ｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨｦ ﾂｨ 09ｨｰｨｨ ｨｺ08ｨ ｨｰｨｺ ｨｨｨｰ0907 ｨｬ ｨｹ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｪ-ｨ 0805ｨｪ ｨｨ ｨｰ ｨｰｨ 07, ｨｪｨ ｨｺ06ｨｰ060806ｨｬ, ｨ 09ｨｪ06 01ｨ ｨｪｨｪ06ｨｦ ｨｬ ｨｨ, ｨｪｨ ｨｨｨｰ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｰ060806ｨｦ ﾂｨ 09ｨｰｨｨ ｨｨ ｨｮ02ｨｰ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ , ｨｨｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ｨｨｨｬ070608ｨｰ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｹ ｨｰｨ ｨｺ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ ｨｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｨ02ｨｬ ｨｮｨｴｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｪ-08ｨｨｨｰ02ｨｦ05 (fashion retail), ｨｹ 0601ｨｪｨｨｨｬ ｨｨ ｨｬ02ｨｪｨｰ ｨｪ-ｨｨｨｪ01ｨｮ09ｨｰ08ｨｨｨｨ 1, 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｨｨｨ ｨ ｨｰｨｨ 0502ｨｰ ｨｨ 09 01ｨ ｨｪｨｪ04ｨｦ ｨｬ06ｨｬ02ｨｪｨｰ ｨｨ09ｨ 02ｨｰ ｨｨ0601 ｨ ｨｮ08ｨｪ ｨｰｨ. 00 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ, ｨ 06ｨｰ0907 ｨｨ 0706ｨｺｨｮ07ｨ 06ｨｰ ｨｮｨｺｨｰ04, ｨｪｨｪ0402 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07ｨｬ ｨｬ060104, 0609ｨｪ0609ｨｪ04ｨｬ ｨｨ04 ｨｺ06ｨｰ ｨｰ ｨ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ02ｨｰ ｨｪｨｪ06ｨｦ 0708ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨ000806ｨｺ0609, ｨ ｨｰｨ ｨｺ0302 ｨ ｨｺｨｰｨｨ09ｨｨ04ｨ 02ｨｨ02ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ 09 ｨｬｨｨ080609ｨｮ ｨｪ-ｨｨｨｪ01ｨｮ09ｨｰ08ｨｨ ｨ 0909ｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｨｨｬ0202ｨｰ 07ｨｨ08ｨ ｨｬｨｨ01ｨ 05ｨｹｨｪｨｮ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ, ｨｪｨ ｨｨｨｪ02 ｨｺ06ｨｰ060806ｨｦ ｨｪｨ ｨｨｨｰ0907 ｨｺｨ ｨｰ ｨｨ ｨｰ ｨｺｨｮｨｰ0608 (haute couture), 01ｨ ｨ ｨ 00ｨ 06ｨｰ0907 ｨｺｨ ｨｰ ｨｨｨｨ ｨｰ-ｨ ｨｰ ｨｺ09 (pre 舩-a-porte de luxe) ｨｨ ｨｪ-ｨｨｨｪ01ｨｮ09ｨｰ08ｨｨ06 (ｨｨ05ｨｨ ｨｨｨｪ01ｨｮ09ｨｰ08ｨｨ06 ｨｬ060104) ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ ｨｬｨｨ08ｨｮ06ｨｰ ﾂ02ｨｰ ｨｬ02ｨｪｨｰｨ : ｨｨ ﾂｨｪ04ｨｦ (070806ｨｨ ｨｨｨｰ0205ｨｨ ｨｹ07, ｨｺ06ｨｪ, ｨｰｨｺｨ ｨｪ02ｨｦ, 00ｨｮ08ｨｪｨｨｨｰｨｮ0804 ｨｨ ｨｨｨ 05ｨｹｨｪ ｨｨ ｨｰ0902ｨｪｨｪ ｨ 0608ｨｮ010609ｨ ｨｪｨｨ07); ｨｪ-ｨ ｨｨ04ｨｪ0209 ｨｨ05ｨｨ 09ｨｰ0608ｨｨ ﾂｨｪ04ｨｦ ｨｬ02ｨｪｨｰ (01ｨｨ04ｨ ｨｦｨｪ ｨｨ ｨｨ ｨｨｨｰ0205ｨｨ 0006ｨｰ ｨｪ ｨｮｨｺｨｰｨ, ｨｨｨｬｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ); ｨｰ ｨｦ ｨｨ05ｨｨ 08ｨｨｨｰ02ｨｦ ｨｬ02ｨｪｨｰ (080604ｨｪｨｨ ﾂｨｪ ｨ ｨｪ ｨｮｨｺｨｰｨ, ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｺ ｨ ｨｮｨｰｨｨｨｺｨｨ, ｨｨｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ0402 ｨｬｨ 00ｨ 04ｨｨｨｪ04, ｨｰ ｨｰｨｨ, ｨｮｨｪｨｨ090208ｨｬｨ 00ｨｨ ｨｨ ｨｰ. 07.); ｨｬ0600ｨ ｨｰ0205ｨｹｨｪ04ｨｦ ｨｬ02ｨｪｨｰ ( ｨｨｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ , 0802ｨｺ05ｨ ｨｬｨｪ0402 ｨｨ PR-ｨ 0002ｨｪｨｰ09ｨｰ09ｨ, ｨｪ-ｨｺ06ｨｪ09ｨｮ05ｨｹｨｰｨ ｨｪｨｰ04) ｨｪ ｨ, ｨ ｨｪ0609ｨ,

2 ｨｰ-ｨ ｨｰ02, 04ｨ ｨｪｨｨｨｬｨｨ ｨｮ02ｨｰ ｨｺｨ ｨｰ ｨｨ07 01ｨｨ0000ｨｮ04ｨｪ0401 ｨ 0805ｨｪ010609, 0706ｨｰ06ｨｬ ｪ 00ｨ ｨ 08ｨｨ ﾂｨｪ0401 ｨ 0805ｨｪ ｨｨ ｨ 0805ｨｪ ｨｪｨｨ ﾂｨｪ ｨ 0902ｨ, ｨｨ, ｨｪｨ ｨｺ06ｨｪ0202, ｨｪ0609ｨ ｨｪｨｨｨｨ 07ｨｨ08ｨ ｨｬｨｨ ｨ ｨ 00ｨ 02ｨｰ0907 ｨｬｨ ｨｦ 0804ｨｪ06ｨｺ ｨｨ 05ｨｰ06ｨｬ ｨ ( ﾂ02ｨｬ, ｨｺｨ ｨｺ 06ｨ ｨｮ09ｨｹ ｨｨ ｨ ｨｺ ｨｮｨ 0804) ｨｺｨ ｨｰ ｨｨｨｦ 06ｨｰ ｨｺｨｮｨｰ0608, ｨｰ-ｨ ｨｰ ｨｺ09 ｨｨ ｨｰ-ｨ ｨｰ02 06ｨｰｨｪ060907ｨｰ0907 ｨｺ ｨｰ0609ｨ 08ｨ ｨｬ 0804ｨｪｨｺｨ ｨｺ0603ｨｨ ｨ 02ｨｪｨｪ0609ｨｰｨｹ ｨｪ-0804ｨｪｨｺｨ ｨｰ0907 ｨｰ06, ﾂｨｰ06 ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｰ ｨｨｨｨ , ｨｺｨ ｨｺ 06ｨｰ ｨｺｨｮｨｰ0608, ｨｰｨ ｨｰ02 ｨｨ 01ｨｨ0000ｨｮ04ｨｪ0402 ｨ 0805ｨｪ0104 ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨ ｨ 0405ｨｨ ｨ ｨｪ ｨｨｨｺｨｨｨｬｨｨ ｨｬ ｨｹ0208ｨ ｨｬｨｨ, ｨｬ02ｨｪｨｪ06ｨｦ ｨｰ08ｨ ｨｺｨｰ0609ｨｺ02 ｪ 01ｨｨ04ｨ ｨｦｨｪ0208ｨ ｨｬｨｨ. 06ｨｬ02ｨｪｨｪ ｨｰｨｨ01 ｨｰ ｨｪｨｨ ｨｬ02ｨｪｨｰｨ ｨｪ-0804ｨｪｨｺｨ ｨｨ 09ｨｺ06ｨｪ0202ｨｪｨｰ08ｨｨ080609ｨ ｨｪ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ02 ｨ 0805ｨｪ0104, ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｺ Louis Vuitton, Gucci, Giorgio Armani, YSL, Chanel, Dior, Dolce & Gabbana ｨｨ ｨｬｨｪ0600ｨｨ ｨｮ00ｨｨ02, ｨｺ06ｨｰ ｨｨ05ｨｮ ｨｦ ｨｬ06ｨｴｨｪ06ｨｦ ｨｺ0802ｨ ｨｰｨｨ09ｨｪ06ｨｦ ｨｰｨ ｨｴ02ｨｦ (09ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ02 05ｨｨｨｪｨｨｨｦ 06ｨｰ ｨｺｨｮｨｰ0608) ｨｬｨｨ08ｨｮ06ｨｰ ｨｬ0601ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｪｨ ｨｪ-0804ｨｪｨｺ02. 00ｨｬ0209ｨｰ02 09 ｨｰ02ｨｬ 0708ｨ ｨｺｨｰｨｨｨｺｨ ｨｬ02ｨｪ020103ｨｬ02ｨｪｨｰｨ, ｨｪｨｪ0402 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｪｨｨ ｨｰ ｨｨｨｰｨｹ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09 06ｨｰｨｪ060302ｨｪｨｨｨｨ ｨｮ0708ｨ ｨｪ ﾂ0209ｨｺｨｨ ｨｨ02ｨｬ ｨ 0805ｨｪ01ｨｨｨｪ00ｨ. 01ｨ ｨｺ06ｨｪ ｨｨ ｨｰ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｨｨｨ ｨｺ06ｨｪ09ｨ 05ｨｰｨｨｨｪ ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ Interbrand ｨｰｨ ｨｪ ｨｮ06ｨｴｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ (ｨｰｨ ｨ 05. 1) ｨｮｨｴｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪ-ｨ 0805ｨｪ ｨ ｨ 05ｨｨ02ｨ ｨｪ01 Louis Vuitton 05ｨｰ08ｨ ｨｪｨ 05ｨｰ06ｨｨｨｬ0609ｨｰｨｹ (Brand Value) (ｨｬ ) ｨｰ ｨｺ ｨｮｨｴ02ｨｬｨｮ ｨｮ, % ｨｰ ｨｨ09ｨｺ ｨｮｨｴｨｨ01 ｨｬｨｨ ｨ 0805ｨｪ ( ) ｨ ｨｪ02ｨｨ07 7,05 6,71 6,60 16, ,5 18 Gucci 06ｨｰｨ 05ｨｨ07 5,30 5,10 4,72 6, Chanel 0808ｨ ｨｪ02ｨｨ07 4,27 4,32 4,42 4, Hermｨｦs 0808ｨ ｨｪ02ｨｨ07 ｨｪ02ｨｰ 01ｨ ｨｪｨｪ0401 3,42 3,38 3, Prada 06ｨｰｨ 05ｨｨ07 2,49 2,54 2,57 2, Armani 06ｨｰｨ 05ｨｨ07 ｨｪ02ｨｰ ｨｪ02ｨｰ 2,62 2, ｨ ｨｪｨｪ ｨ ｨｪｨｪ ｨｰ ｨ ｨｪ : [Interbrand, 2005]. 05 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 08ｨ 0409ｨｨｨｰｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｰ ｨｪｨｨｨｬ ｨｨ04 ｨｪｨ ｨｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｮ ﾂ02ｨｰ06ｨｬ 89

3 ｨ 04ｨｬ ｪ 1ｨC1,5 ｨｬ , ｨ 0409ｨｰ ｨｰ02ｨｬ ｨｰｨ ｪ 30ｨC50% ｨｨ 0708ｨｨｨ 0405ｨｹｨｪ0609ｨｰｨｨ ｪ 30% 06ｨｰ 06ｨ ｨｰｨ [00ｨ 09ｨｨ05ｨｹ0209ｨ, ｨｮｨｪ0609, 2005, ], ｨｪ07 06ｨｪ ｨｪｨｨ09ｨ 02ｨｰ0907 ｨｺｨ ｨｺ ｨｺ06ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ04ｨｦ. 06ｨｰ06, ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06, ｨ 00ｨ 02ｨｰ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ02 01ｨ ｨｪｨｪ ｨｨ00ｨｨ ﾂｨｪ ｨｨ01ｨ ｨ ｨｨ04ｨｪ0209ｨ ｨｪｨ 0609ｨｪ0609ｨ ｨｪｨｨｨｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｨｨｪ02ｨｨ ｨｪｨｺｨ ｨｬ ｨｰ06ｨｪ09ｨｺ06ｨｦ ｨｺ06ｨｪ09ｨ 05ｨｰｨｨｨｪ ｨｦ 0008ｨｮ (Boston Consulting Group, BCG), ｨｨｨｨ 0708ｨｨｨｪｨ ｨｨｨｰ 5% ｨｬｨｨ ｨｪｨｺｨ ｨｺ0603ｨｨ [No End of Luxury, 2004, p. 15], 0708ｨｨ ﾂ02ｨｬ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨ ｨ ｨｺｨ ｨｰ ｨｨｨｦ 06ｨｰ ｨｺｨｮｨｰ0608 ｨｨ ｨｰ-ｨ ｨｰ02 04ｨ ｨｪｨｨｨｬｨ 02ｨｰ ｨｪｨ ｨｪ02ｨｬ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ0602 ｨｬ0209ｨｰ ｨｨ07 ｨｮ ｨｪｨ ﾂｨ 0502 XXI ｨｬ06ｨｪ09ｨｰ08ｨｨ080609ｨ 05ｨ 09ｨｰ0802ｨｬｨｨｨｰ0205ｨｹｨｪ0402 ｨｰ02ｨｬ ｨｰｨ, ｨｰｨｪ0609ｨｨｨｬ ｨ ｨｲ02ｨｬｨ ｨｬｨｨ ｨ ｨｨ04ｨｪｨ ｨｪｨｪ0401 ｨｬｨｨ ｨｰ0605ｨｨ02ｨ 01 ｨｬ ｨ ｨｺ, ｨ ｨｪｨｪ04ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ Mercury, ｨｬ0609ｨｺ060909ｨｺｨｨｨｦ ｨ ｨｮｨｰｨｨｨｺ 00rioni ｨｪｨ ｨｬ0209ｨｰ06 09 ｨｬｨｨ ｨ ｨ ｨｰｨｪ04ｨｬ 06ｨ ｨｲ02ｨｬｨ ｨｬ ｨ 03, ｨ ｨｮｨｰｨｨｨｺ Gucci ｪ ｨｪｨ 09ｨｰ ｨｬ0209ｨｰ ｨｪｨｹ06-ｨｦ0608ｨｺ09ｨｺ060006, Dolce & Gabbana ｪ ｨｪｨ 09ｨｰ060806ｨｬ ｨｬｨｨ05ｨ ｨｪ09ｨｺ060006, Fendi ｪ ｨｪｨ ｨｰ0802ｨｰｨｹ02ｨｬ, ｨ 08ｨｨｨｬ09ｨｺｨｨｨｬ ｨｨ ｨｪｨｹ06-ｨｦ0608ｨｺ09ｨｺｨｨｨｬ, ｨ Chanel ｨｪｨ ｨｨｨｰ0907 ｨｪｨ ｨｰ0802ｨｰｨｹ02ｨｬ ｨｬ0209ｨｰ02 09 ｨｬｨｨ0802, ｨｪ06 ｨｪｨ ｨｬ ｨ 03ｨ ｨｬ ｨｪｨ 1 ｨｺ09. ｨｬ ｨｴｨ 01ｨｨ [01ｨｮｨ 09ｨｺｨｨｨｦ, 2001]. 01ｨ ｨｨｨ ｨｮ ｨｪ06 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨｨｦ ｨｬ02ｨｪｨｰ ｨｨｨｦ09ｨｺ ｨｪ-0804ｨｪｨｺｨ ｨｬｨｨ080609ｨ ｨ 05ｨ 09ｨｰｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ (fashion retail) ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｬｨｪ06ｨｬｨｮ ｨ 0502ｨｪｨｨ06, 0600ｨｨ02ｨｨｨ 05ｨｹｨｪ06ｨｦ 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨｨｺｨｨ 09 06ｨｰｨｪ060302ｨｪｨｨｨｨ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ ｨｺ0603ｨｨ ｨｪ02 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ, 0601ｨｪｨ ｨｺ06 05ｨｺ ｨｰｨｪ ｨｪｨｺｨｨ ｨｺｨｮ07ｨｪ0609ｨｰｨｨ ｨｰ0608ｨｨ ﾂｨｪ04ｨｬｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｬｨｨ ｨｨｨｪ000608ｨｬｨ 02ｨｨｨｨ ｨ 02ｨｰ ｨ ｨｪｨ 05ｨｨ04 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｺ08ｨｮ07ｨｪ0401 ｨｨ000806ｨｺ ｨｰ02 ﾂ0209ｨｰ0902ｨｪｨｪ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ ｨｬ0603ｨｪ04ｨｬ ｨｹ06 ｨｪｨ 09ｨｰ0607ｨｴ02ｨｦ 09ｨｰｨ ｨｰｨｹｨｨ ｨｰ0907 ｨ ｨｪｨ 05ｨｨ04 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ ｨ 01ｨ 07ｨｰｨ 02ｨｨｨｨ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00ｨ (ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00-ｨｬｨｨｨｺ09ｨ ) ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｮ ｨｰ ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨ ｨｨ00ｨｨ ﾂｨｪ ｨｰ ｨｨ01ｨ ｨ ｨｨ04ｨｪ0209ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｨ02ｨｬ ｨｨ0302ｨｪｨｨ07 ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ ｨｪ-ｨ 0805ｨｪ ｨｨ ｨｬ02ｨｪｨｰ0609 ｨｺ06ｨｬｨｬｨｮｨｪｨｨｨｺｨ 02ｨｨ06ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｰｨ ｨｰｨｹ ｨｰ06ｨｨｨｰ ｨｨ ｨｮ01 ﾂｨ 09ｨｰ02ｨｦ, ｨ 07 ｨｨ04 ｨｺ06ｨｰ ﾂ ﾂｨ ｨｦｨｪ06 ｨｺ08ｨ ｨｰｨｺ ｨｨ090409ｨ 02ｨｰ ｨｬ ｨｹ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｪ-ｨ 0805ｨｪ ｨｨ ｨｰ 05ｨｰｨ 07, ｨｪｨ ｨｺ06ｨｰ060806ｨｬ ｨｪｨ ｨｨｨｰ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｰ060806ｨｦ, ｨ ｨ ｨｲ02ｨｬｨｪ06ｨｦ ﾂｨ 09ｨｰｨｨ, ｨ ｨｪｨ 05ｨｨ04ｨｨ08ｨｮ02ｨｰ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｨ ｨｰ ｨｨ05ｨｹｨｪ ｨｰ060806ｨｪ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ (Mercury, Bosco di Ciliedgi, ｨ ｨｬｨｨ05ｨｹ080603), ｨｨｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ｨｨｨｬ070608ｨｰ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｹ ｨｰｨ ｨｺ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ, ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｨ02ｨｬ ｨｮｨｴｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ08ｨｨｨｰ02ｨｦ , 0708ｨｨｨｬ02ｨｪ0702ｨｬ0402 ｨｺ ｨ ｨ 05ｨｹｨｪ04ｨｬ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨｨｬ ｨ 0805ｨｪ01ｨ ｨｬ ｨｪｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｬ 0804ｨｪｨｺ02. 90

4 ｨｪ ｨｰｨｨ0502ｨｰｨｨ02 ｨｪｨ ｨ ｨ 02ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｰ ｨｮ080609ｨｪ07 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ ｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ 09 06ｨ 05ｨ 09ｨｰｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ, ﾂｨｰ ｨ ｨｪ06, ｨｮ06 06 ﾂ ｨｹ, ｨｨ09ｨｺ06ｨｬ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｪｨ ｨｪ ｨ 00ｨｨ ﾂ0209ｨｺｨｨ ｨｪｨｺｨ ｨｬ02 ｨｰ060006, ｨ 00ｨｨ ﾂ0209ｨｺｨｨｨｦ 0006ｨｺｨｮ ｨ 0409ｨｨｨｰｨｨ07 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 05ｨｺ0907ｨ ｨｪ09ｨｨｨｨ ｨｪ-ｨ 0805ｨｪ010609, ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 09ｨｺ0506 ﾂｨ 0903ｨｨｨｦ ｨｰｨ ｨｺｨｨ02 ｨｪｨ 0708ｨ ｨｪｨｨ07, ｨｺｨ ｨｺ ｨｪｨ ｨ, ｨｪｨ 07 08ｨｬ0208ｨｨｨｺｨ, 09ｨｰ08ｨ ｨｪ ｨｰ06 ﾂｨｪ06ｨｦ 0804ｨｨｨｨ, ｨｨ ｨｬ0209ｨｰｨｨ ｨｰ06 ﾂｨｪｨｮ ｨｮ ｨｨ ｨｨ06, ｨ ｨｰｨ ｨｺ0302 ｨｪｨ ｨｨ 09 09ｨｰ08ｨ ｨｪ ｨｪ06ｨｦ 08ｨｬ0208ｨｨｨｺｨｨ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｰ0907 ﾂｨ 09ｨｰｨｹ06 ｨｪｨ ｨｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｪｨ 0708ｨ ｨｪｨｨ07 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ 0409ｨｨｨｰｨｨ ｨｪ-ｨ ｨｨ04ｨｪ0209ｨ. 06ｨ ｨｺ, ｨｪｨ ｨ 08ｨ ｨｪｨｨ0701 ｨ ｨｺ02ｨｨ06ｨｪ LVMH 2 (ｨｺ08ｨｮ07ｨｪ02ｨｦ0302ｨｦ ｨｬｨｨ ｨｦ ｨｨｨｬ070208ｨｨｨｨ ｨｺ0603ｨｨ, ﾂｨｨ09ｨｰ ｨ 03ｨｨ ｨｪ-01ｨｨ09ｨｨ04ｨｨ06ｨｪｨ ｨｺ06ｨｰ060806ｨｦ ｨｰｨｨ0005ｨｨ ｨｬ05ｨｪ ) ｨｨ ｨｨ04ｨｪｨ 02ｨｰ ｨｪｨｺ06ｨｬ 09 09ｨｨ05ｨｹｨｪ04ｨｬ 0706ｨｰ02ｨｪ02ｨｨｨ 0506ｨｬ03 ( ) ｨｨ ｨ ｨｦ ｨｬ ｨ ｨｮ01ｨｮｨｴ ｨｰｨ 03 ( ) [Annual Shareholders Meeting ｭ, 2003, p. 29; Annual Shareholders Meeting ｭ, 2004, p. 20]. 08ｨｪｨ 05ｨｨ04 05ｨｰｨ ｨ 0409ｨｨｨｰｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪ-ｨ 0805ｨｪ010609, 0609ｨｪ0609ｨｪ ｨｺ ｨｪｨｨ06 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｪｨｺ0609, ｨ ｨｰｨ ｨｺ0302 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｨ ｨｺｨｰｨｨ ｨｪ-ｨ ｨｨ04ｨｪ0209ｨ 0708ｨｨ06ｨ 0802ｨｰｨ 06ｨｰ ｨ ｨ 03ｨｪ ｨｪｨ ﾂ02ｨｪｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨｨ000806ｨｺ0609, ｨ 02ｨｪｨｪ0609ｨｰｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ , ｨｴｨｨ ｨｨ09ｨｰ08ｨｨｨ ｨｹ06ｨｰ0608ｨ ｨｬｨｨ ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨｪ ｨｰ0902ｨｪｨｪ04ｨｬｨｨ 07ｨ 08ｨｰｨｪ0208ｨ ｨｬｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｬ ｨｪｨ 04ｨ 08ｨｮｨ 0203ｨｪ04ｨｦ 0804ｨｪ06ｨｺ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺ ｨｪ-ｨ 0805ｨｪ01ｨ, ｨｰ ｨｨｨｪｨｰ0208ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ, ｨ 00ｨ 02ｨｰ, 0706 ｨｬｨｪ02ｨｪｨｨ06 ｨ 08ｨｨｨｰｨ ｨｪ09ｨｺｨｨ01 ｨｬｨ 08ｨｺ02ｨｰ ｨ, ｨｪｨｨ ｨｨ ｨｰｨ, ｨｪｨｨ02 ﾂ02ｨｰ ｨｪ0609ｨｪ ｨｰｨ ｨｪｨｨ07 ｨｨ 08ｨ 0409ｨｨｨｰｨｨ07 04ｨ 08ｨｮｨ 0203ｨｪ ｨｪ-0804ｨｪｨｺｨ (08ｨｨ09. 1) ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 0709ｨｹ ｨ ｨｪ06 ｨｪｨ ｨｰ06ｨｪｨｺ0609ｨｰ0701 ｨｨ 0102ｨｰｨ ｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ010609, 0706 ｨｬｨｪ02ｨｪｨｨ06 ｨ 09ｨｰ , ｨｪ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ0804ｨｪ06ｨｺ ｨｰｨｨ00 ｨｰ0802ｨｰｨｹ ｨｰｨ 07ｨ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 05ｨｺ0907ｨ ｨｪ09ｨｨｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪｨ 0805ｨｪ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 ｨｬ ｨｹ ｨ ｨｰ0205ｨｹｨｪ ｨｪｨｨ07 ｨｪ ｨｪｨｺ ｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨｪ06 01ｨ 05ｨｹｨｪ02ｨｦ ｨ 0409ｨｨｨｰｨｨ02 04ｨ 09 ﾂ02ｨｰ 0006ｨｺｨｮ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｪｨ 01ｨｨ0000ｨｮ04ｨｪ ｨｪ-ｨ 0805ｨｪ01ｨ 01 3, ｨｺ06ｨｰ ｨ 00ｨ 02ｨｰ ｨ ｨｪｨｨ02 ｨｪ0206ｨ ｨｨｨｬ06ｨｦ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｨｨｰ02ｨｦ05ｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ 06ｨｰｨｺ0804ｨｰｨｨ02 ｨ 0605ｨｹ03ｨｨ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ01 ｨｬｨ 00ｨ 04ｨｨｨｪ0609, ｨｰｨ ｨｴｨｨ01 ｨｺ ｨｺ02ｨｨｨｨ 01ｨｨ0000ｨｮ04ｨｪ ｨｨｨｪｨｨｨｦ ｨｮ01 09ｨｰ0605ｨｨ ﾂｨｪ ｨ ｨｨｨｨ ｪ ｨｺ0902 ｨｨ 05ｨ ｨｪｨｺｨｰ-0302ｨｰ0208ｨ ｨｮ ｨｰ000205ｨｹ LVMH ｨｰ ｨｰｨ ｨｺｨｨ02 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ02 ｨ 0805ｨｪ0104, ｨｺｨ ｨｺ Louis Vuitton, Givenchy, Christian Lacroix ( ), Celine, Loewe, Berluti, Stefanobi, Kenzo, Mark Jacobs, Fendi, Emilio Pucci, Thomas Pink, Donna Karan. 3 02ｨｨ0000ｨｮ04ｨｪ0402 ｨ 0805ｨｪ0104 (diffusion brands) ｪ 06ｨ ｨｴ0202 ｨｪｨ 0409ｨ ｨｪｨｨ ｨｰ , ｨｰ0802ｨｰｨｹｨｨ01 ｨｨ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨｨｪｨｨｨｦ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｰ-ｨ ｨｰ02 (09ｨｬ : [08ｨｪ ｨ, 2003, c. 39ｨC40]). 91

5 1306ｨｰｨ ｨｰｨ ｨｰｨ ｨｰｨ ｨｰｨ 09ｨｺｨｨ ｨｺ ｨｺ02ｨｨｨｦ 06ｨｰ ｨｺｨｮｨｰ0608 ｨｨ ｨｰ-ｨ ｨｰ02 09 ｨｬｨ 00ｨ 04ｨｨｨｪ04 09ｨｰ0605ｨｨ ﾂｨｪ ｨｰｨｺ0804ｨｰｨｨ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ01 ｨｬｨ 00ｨ 04ｨｨｨｪ ｨｰ0605ｨｨ ﾂｨｪ ｨ 01, ｨｰｨ ｨｴｨｨ01 05ｨｨｨｪｨｨｨｨ 06ｨｰ ｨｺｨｮｨｰ0608 ｨｨ ｨｰ-ｨ ｨｰ02 02ｨｰｨｺ0804ｨｰｨｨ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ01 ｨｬｨ 00ｨ 04ｨｨｨｪ ｨｰ0605ｨｨ0202, ｨｰｨ ｨｴｨｨ01 01ｨｨ0000ｨｮ04ｨｪ ｨｨｨｪｨｨｨｨ 02ｨｰｨｺ0804ｨｰｨｨ02 ｨｬｨ 00ｨ 04ｨｨｨｪ0609, ｨｰ060800ｨｮ06ｨｴｨｨ01 01ｨｨ0000ｨｮ04ｨｪ04ｨｬｨｨ 05ｨｨｨｪｨｨ07ｨｬｨｨ 09 ｨｺ0506 ﾂ ｨ ｨｨ06ｨｪ ｨｨ ﾂ02ｨｪｨｨ ｨｰｨｮ07ｨｪ0609ｨｰｨｨ ｨ 0805ｨｪ01ｨ ｨｰ-ｨ ｨｰ02 09 ｨｺ0506 ﾂ ｨｬｨ 00ｨ 04ｨｨｨｪｨ ｨｮ00ｨｨ01 ｨｺ08ｨｮ07ｨｪ ｨ 01 00ｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪｨ ｨｰｨｮ07ｨｪ0609ｨｰｨｹ 01ｨｨ0000ｨｮ04ｨｪ0401 ｨ 0805ｨｪ ｨｰ0605ｨｨ0202 ｨｨ ｨ ｨｨ06ｨｪ ｨｨ ｨｰｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｪ-ｨ 0805ｨｪ ｨｰ ｨ ｨｪ : [Moore, Fernie, Burt, 2000, p. 929] ｨｪ-ｨ ｨｨ04ｨｪ0209 ｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ05 09 ﾂｨｨｨｰｨ 06ｨｰ ｨｪｨｨｨｬｨｨ ｨｨ04 09ｨ ｨｬ ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪ0401, 0708ｨｨｨ 0405ｨｹｨｪ0401 ｨｨ ｨｪ ｨｨ ｨ ｨｨ04ｨｪ0209ｨ, ｨｺ0605ｨｹｨｺｨｮ 0905ｨｨ03ｨｺ06ｨｬ ｨｰ08ｨｮ01ｨｪ06 ｨｰ06 ﾂｨｪ ｨｪ0604ｨｨ080609ｨ ｨｰｨｹ : ｨｹ ｨｨｨｬ0202ｨｰ ｨｨ00ｨｨｨｺｨ, ｨｺ06ｨｰ0608ｨ ｨｬｨｪ060006ｨｬ ｨ ｨｪｨ 09 05ｨｬ0602ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｬ 00ｨ ｨｺｨｰ060806ｨｬ. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ ｨｨｨｺｨ ｨｪ ｨｪｨｪ0609ｨｰｨｹ ｨｰ060006, ｨｺｨ ｨｺｨｨ02, ｨｪｨ 0708ｨｨｨｬ0208, ｨｬ ｨｨ ｨｨ 06ｨ ｨｮ09ｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｹ040609ｨ ｨｰｨｹ ｨｮ050708ｨｪ0609ｨｰｨｹ06 09 ｨｰ02ｨｺｨｮｨｴ02ｨｬ ｨｪ ｨｬ02 ｨｰ060006, 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｰ 04ｨ 01ｨ ｨｪｨｪ ｨｬ02ｨｪｨｪ ｨ ｨｬｨｺｨｨ, ｨ ｨｪｨｪ ｨｰ0607ｨｪｨｪ04ｨｬ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ02ｨｬ ｨｬ ｨｨ ｨ 0409ｨｰ0804ｨｬ ｨｮ09ｨｰｨ ｨ ｨｪｨｨ02ｨｬ ｨｨ 09ｨｬ02ｨｪ06ｨｦ ｨｬ0601ｨｪ ｨ 08ｨ ｨｰ ｨｪｨ ｨｺ ｨｪｨｮ, ｨｰ ｨｨ04ｨｪ02ｨｪｨｪ04ｨｦ 02ｨｨｨｺ ｨｪ ｨｮｨｺｨｰｨ ( ｨ 02ｨｪｨｪ0609ｨｰｨｨ ) ｨｹｨｬｨ ｨｺ060806ｨｰ06ｨｺ ｨｪ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ0502 ﾂ02ｨｰｨｺ ｨｬｨｨ080609ｨ ｨｪ ｨｪ0609ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 08ｨ 0409ｨｨｨｰｨｨ07: 09ｨｰ0802ｨｬｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｰ ｨｨ ｨ ｨ ｨｰｨｪ ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｨ02 ｨｨｨｬ070608ｨｰｨ ｨｨｨｨ ｨｪｨ ﾂｨｨｨｪｨ ｨｬ0603ｨｪ06 ｨｺ06ｨｪ09ｨｰｨ ｨｰｨｨ080609ｨ ｨｰｨｹ ｨｰ0607ｨｪｨｪ04ｨｦ ｨｰ ｨ 03 ｨｬ0601ｨｪ06ｨｦ , ｨ ｨｪｨｨ ｨｮ090205ｨｨ ﾂｨｨ05ｨｨ09ｨｹ ｨｪｨ 30ｨC50% [00ｨ 09ｨｨ05ｨｹ0209ｨ, ｨｮｨｪ0609, 2005, c. 5] ｨ ｨｪｨｪ04ｨｬ ｨｨ ｨ ｨｪｨｨ07, ｨｪｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨ02ｨｦ ｨｬｨｺ06ｨｪ03, 0046% 03ｨｨｨｰ020502ｨｦ ｨｺ08ｨｮ07ｨｪ ｨｨｨｦ09ｨｺｨｨ ﾂｨｨｨｰｨ 06ｨｰ, ﾂｨｰ ｨ, ｨｨ ｨｪｨｪｨ 07 ｨｨ ｨｰｨｪ04ｨｬｨｨ 00ｨｨ08ｨｬｨ ｨｬｨｨ, ｨ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪｨ 07, ﾂ02ｨｬ ｨｪ02ｨｬｨ 0806 ﾂｨｪ04ｨｦ ｨｮｨｺｨｰ ( ｨｮｨｺｨｰ 6 7no name ｰ), ｨｨ 27% 0006ｨｰ ｨ ﾂｨｨ09ｨ ｨｰｨｹ 04ｨ ｨｨ ｨｰｨｪ0402 ｨ 0805ｨｪ ｨｬ02 ｨｰ060006, 38% ｨｰｨ 09ｨｨｨｰ020502ｨｦ ｨｪ ｨｺ05ｨ 0909ｨ ( ｨｰ ｨｪｨ ﾂ

6 13ｨｺｨ ｨｬｨｹ02) 04ｨ 0709ｨｨ05ｨｨ, ﾂｨｰ ﾂｨｨｨｰｨ 06ｨｰ 0706ｨｺｨｮ07ｨ ｨｰｨｹ ｨｮ ｨｨ01, ｨｰｨｨ03ｨｪ0401 ｨｬｨ 00ｨ 04ｨｨｨｪｨ 0103 [00ｨ 09ｨｨ05ｨｹ0209ｨ, ｨｮｨｪ0609, 2005, c. 5]. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｪｨ 01ｨ ｨｪｨｪ04ｨｦ ｨｬ06ｨｬ02ｨｪｨｰ 05ｨｰ06ｨｰ 0804ｨｪ06ｨｺ ｨｪｨ ｨｨｨｰ0907 ｨｪｨ 09ｨｰｨ 01ｨｨｨｨ ｨｲ02ｨｬｨ ｨｬ02 ｨｰ060006, 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｰ ｨｨ 0108ｨｮ00ｨｨ ｨｪｨｺｨｨ, 06ｨｰｨｪ060907ｨｴｨｨ ｨｬ ｨｺ 0804ｨｪｨｺｨｮ ｨｰ0609ｨ ｨｺ0603ｨｨ ｨｨｨｨ. 05 ﾂｨｨｨｰｨ 02ｨｰ0907, ﾂｨｰ06 09ｨ ｨｬ04ｨｦ ｨｪｨ ｨｪ04ｨｦ ｨｬ02ｨｪｨｰ 0804ｨｪｨｺｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺ06ｨｦ ｪ ｨ ｨｰ-ｨ ｨｰ02 (0708ｨｨｨｪｨ ｨｨｨｰ ｨｺ ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ) ｨｨ ﾂｨｰ ｨｪ06ｨｺ ｨｦ ｨｰ0607ｨｪｨｪ06 08ｨ 09ｨｰ02ｨｰ. 06ｨ ｨｺ, ｨｰｨｨｨｬ ｨｪｨｺｨ ｨｬ, 0804ｨｪ06ｨｺ ｨｰ0609ｨ ｨｺ05ｨ 0909ｨ 0506ｨｺ09 ｨｨ05ｨｨ ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ ｪ ｨｦ , 06ｨ ｨｮ09ｨｨ, ﾂｨ ｨｨ ｨｨ08ｨｪ0401 ｨｮｨｺ08ｨ 0302ｨｪｨｨｨｦ ｪ 04ｨ ｨｪ02ｨｬｨｪ0600ｨｨｨｬ ｨ ﾂ02ｨｬ ｨｰ ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ ｨｰｨｺｨｨ 08ｨ ｨ 03ｨｨ ｨｬ02ｨｰ ｨｺ0603ｨｨ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 05ｨｨ09ｨｹ 01ｨ , ｨｺ060001ｨ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪｨｺ ｨｺ08ｨ ｨｴｨ ｨｹ. 0005ｨ ｨｹ ｨ 0506ｨｪ0609 ｨｨ ｨ ｨｮｨｰｨｨｨｺ ｨｪｨｨ09ｨ 06ｨｰ 06ｨ ｨｰ ｨｺｨｰ0608ｨ ｨｰ0605ｨｹｨｺ ｨｺ ｨC1,5 ｨｬ ｨｪ06ｨｺ 05ｨｰｨｨ01 ｨｰ0609ｨ ｨ 0502ｨｺ 06ｨｰ ｨｪｨ 0904ｨｴ02ｨｪｨｨ ｨｪ0707 ｨｰ ｨ 07 ｨｪｨ 0202ｨｪｨｺｨ 09 09ｨｰ0605ｨｨ ﾂｨｪ0401 ｨ ｨｮｨｰｨｨｨｺｨ ｨｰｨ ｨｰ 200ｨC350%, ｨ 0802ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｹ 0908ｨ 09ｨｪｨｨｨｬｨ ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｹ06 ｨｪ0200ｨｰ07ｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｪ 06ｨｺ % 06ｨｰ 06ｨ ｨｰ [00ｨｨｨｪ060008ｨ ｨ, 0406ｨｬｨ ｨｪ0609ｨ, ﾂ02ｨｪｨｺ06, 2004, 09. 3] ｨｮ06ｨｴｨ ｨ 02ｨｪｨｪ0609ｨｰｨｹ ｨｨｨｦ09ｨｺ ｨｪ-0804ｨｪｨｺｨ, 06ｨｰｨｪ060907ｨｴ ｨｺ ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ, ｨｨｨｰ0907 ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ ｨｰ0609ｨ ｨｰ ｨｬ02ｨｪｨｰｨ ｨｨｨｬ070608ｨｰｨｨ08ｨｮ06ｨｰ ｨ ｨｰ0205ｨｹｨｪ06, ｨｨｨｨ ｨ ｨｨ04ｨｪ0209 ｨ ｨｮｨｰｨｨｨｺ0609 ｨｪｨ ｨｪ0703ｨｪｨｨｨｦ 0102ｨｪｨｹ ｨｬｨｨ080609ｨ ｨｪ ｨｰ0605ｨｹｨｺ ｨｰｨｪ060302ｨｪｨｨｨｨ ｨｨｨｬ070608ｨｰｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｨｬ06ｨｰ0807 ｨｪｨ ｨｰ06 ﾂｨｰ06 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｰ ｨ ｨｮｨｰｨｨｨｺｨｨ, ｨｨｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ｨ 0302 ｨ 0805ｨｪ ｨｰ ｨｨｨｦ09ｨｺｨｨ01 01ｨｨ04ｨ ｨｦｨｪ , ｨｨ 0906 ｨｬｨｪ0600ｨｨ01 ｨ ｨｮｨｰｨｨｨｺｨ ｨｨｨｦ09ｨｺｨ ｨ ｨ 02ｨｰ0907 ｨｪｨ ｨｮ 09 05ｨｨｨｪｨｨ07ｨｬｨｨ 04ｨ 07ｨ 01ｨｪ ｨｨ04ｨ ｨｦｨｪ , ｨ 0805ｨｪ ｨｨｨｦ09ｨｺｨｨ01 01ｨｨ04ｨ ｨｦｨｪ ｨｺ ｨ 05ｨｹｨｪ06 ｨｬｨ 05ｨ ｨ 09ｨｪ02ｨｪｨｨ06 09 ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ04ｨｬｨｨ ｨｪ-ｨ 0805ｨｪ01ｨ ｨｬｨｨ ｨｨｨｦ09ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ, 0106ｨｰ07 ｨｨ ｨｨｨｬ0202ｨｰ ｨｰ02ｨｪ0102ｨｪ02ｨｨ06 ｨｺ ｨｰｨｮ, ｨｴ02 01ｨ 0502ｨｺ 06ｨｰ ｨｪｨ 0904ｨｴ02ｨｪｨｨ07. 06ｨｰｨｨｨｬ 06ｨ ｨｲ0709ｨｪ0702ｨｰ0907 ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ ｨ 0409ｨｨｨｰｨｨ02 ｨｰ ｨｦ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ ｨｺ 0601ｨｪ ｨｨ ｨｪ0609ｨｪ ｨｰｨｨｨｬｨｮ ｨｰｨ ｨ ｨ ｨｺ, ｨｨ0102ｨｪｨｰ ｨｺ08ｨｮ07ｨｪ02ｨｦ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-0804ｨｪｨｺ02 ｨｰ ｨｬｨ Mercury ｨｪｨｨ ｨｨ010507ｨｪ01 09 ﾂｨｨｨｰｨ 02ｨｰ, ﾂｨｰ06 ｨ 05ｨ ｨ ｨ ｨｪｨｨ06 ｨｮ0106ｨ ｨｪ06ｨｦ ｨｺ05ｨｨ02ｨｪｨｰ0609 ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804, ｨ ｨｨｨｬ02ｨｪｨｪ06 06ｨｰｨｺ0804ｨｰｨｨ ｨｪｨｰ ｨｺ ｨｺ ｨｦ ｨｮ05ｨｨ (060802ｨｰｨｹ07ｨｺ060909ｨｺｨｨｨｦ ), 06ｨ ｨｲ02ｨｬ ｨ 03 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｮ090205ｨｨ ﾂｨｨ05ｨｨ09ｨｹ, ｨｺｨ ｨｺ ｨｬｨｨｨｪｨｨｨｬｨｮｨｬ, ｨ 08ｨ 04ｨ [00ｨ 09ｨｨ05ｨｹ0209ｨ, ｨｮｨｪ0609, 2005, 09. 5] ｨｹｨｬｨ ｨｮ070806ｨｴ02ｨｪｨｪ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ ｨｰｨ ｨｪｨ 09 ｨｰｨ ｨ ｨｪ0609ｨｪ0402 ｨｨ000806ｨｺｨｨ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ0502 ｪ ｨｺ08ｨｮ07ｨｪ0402 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｺ ｨｺ06ｨｰ060804ｨｬ 06ｨｰｨｪ060907ｨｰ0907 Bosco di Ciliegi, Mercury Group, ｨ ｨｬｨｨ05ｨｹ (08ｨｨ09. 2). 06ｨｬ02ｨｪｨｪ06 ｨｪｨ ｨ ｨｪｨ 05ｨｨ0402 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ﾂｨｨ090502ｨｪｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ 09ｨｺ06ｨｪ0202ｨｪｨｰ08ｨｨ080609ｨ ｨｪｨ 01ｨ ｨｪｨｪｨ 07 09ｨｰｨ ｨｰｨｹ07. Mercury Group ｪ ｨｮｨｪｨｨ ｨ 05ｨｹｨｪｨ ｨｺ090609ｨ 0703 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07, 0905ｨ ｨｴｨ 07 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ04ｨｬｨｨ ｨ ｨｮｨｰｨｨｨｺｨ ｨｬｨｨ, ｨ 05ｨｮｨｦ, 09ｨ ｨｬ0401 ｨｨ ｨｰｨｪ0401 ｨｨｨｬ02ｨｪ 09 ｨｬｨｨ0802 ｨｬ060104: Ar- 93

7 13mani, Brioni, Bulgari, Chanel, Dolce & Gabbana, Ermenegildo Zegna, Fendi, Gucci, Jil Sander, John Galliano, Prada, Tiffany, Tod's ｨｨ ｨ ｨｪｨｨｨｬｨ 02ｨｰ ｨｬ0209ｨｰ ｨ ｨｲ02ｨｬｨｮ ｨ 03, 0905ｨ ｨｰ ｨｦ 0902ｨｰｨｹ06 ｨ ｨｮｨｰｨｨｨｺ ｨｺ0902, ｨｪｨ ｨｨｨ ｨｨ ｨｰｨｪ0402 ｨｨ04 ｨｺ06ｨｰ ｨ ｨｪ04 ｨｪｨ 08ｨｮｨｰｨｮ ｨｺ06ｨｬ ｨｺｨｰ02, ｨｰｨｨｨｪｨｨ ｨ 0907ｨｪ09ｨｺｨ 0703 ｨｨ ｨｰｨｹ07ｨｺ060909ｨｺ06ｨｬ ｨ ｨ 05ｨｨ02ｨ 2 05ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ ｨｪｨｹ ( ｨｮ 09ｨｪｨｨ04) ｨｪｨｨ02 09ｨ 08ｨ ｨｺｨｰ0208ｨｨ09ｨｰｨｨｨｺｨｨ 0308ｨｨｨｬ ｨｪｨｨ ｨ 05ｨｹｨｪ0402 ｨｰ ｨｨｨｪ00ｨｨ 0206ｨｬｨｨｨｪｨｨ08ｨｮ06ｨｰ ｨｬ 0202ｨｪ060906ｨｬ ｨｬ02ｨｪｨｰ02 06ｨｺ09ｨｺ050604ｨｨ09ｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨｨｬｨｨ 0106ｨｬｨ ｨｬｨｨ 08ｨｺｨｰｨｨ09ｨｪ ｨ 0409ｨｨｨｰｨｨ02 ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 Mercury Group Bosco di Ciliedgi ｨ ｨｬｨｨ05ｨｹ ｨｨｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ0402 ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｰ ｨｨｨ 06 ｨｪｨ ｨｪｨｪ06ｨｦ ｨｪｨｨ0302 (ｨｪｨ 0708ｨｨｨｬ0208, ｨｺ05ｨ 0909ｨｨ ﾂ0209ｨｺｨｨ02 ｨｬｨｮ0309ｨｺｨｨ02 ｨｺ0609ｨｰ06ｨｬ04 ｨｨ05ｨｨ ｨ 09ｨ ｨｪ00ｨ 0801ｨｪ ｨｨ04ｨ ｨｦｨｪ020804), 05ｨｨｨ 06 ｨｪｨ ｨ 0805ｨｪ01ｨ 01, ｨｪ ｨｰｨ ｨｴｨｨ01 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ ｨ 09 ｨｪｨ 01ｨｨ09ｨｰ08ｨｨｨ ｨｹ0602ｨｨ ｨ 08ｨｹ ｨｺｨｮ ｨｹｨｬ06ｨｦ ｨｬ02ｨｪｨｰ ｨ ｨｪ ﾂｨ ｨｦ04ｨｨｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨ 09ｨｰ0902ｨｪｨｪ0402 ｨ 0805ｨｪ ｨｪｨｨｨｦ 0202ｨｪ060906ｨｦ ｨｬ02ｨｪｨｰ 01ｨ 08ｨ ｨｺｨｰ020802ｨｪ ｨ ｨ 05ｨｹｨｪ0401 ｨ 0805ｨｪ ｨｪｨｨ ﾂｨｪ ｨ ｨｬ 0202ｨｪ060906ｨｬ ｨｬ02ｨｪｨｰ02 ｪ ｨｪ04ｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ 0905ｨ ｨｹ02ｨ ｨ 0805ｨｪ01ｨ ｨｪｨ 01 01ｨｨ09ｨｰ08ｨｨｨ ｨｹ0602ｨｨ02ｨｦ; ｨｪ02ｨｬ 0202ｨｪ060906ｨｬ ｨｬ02ｨｪｨｰ02 ｪ ｨ ｨｪｨｨ02 ｨｨ 08ｨ 0409ｨｨｨｰｨｨ02 ｨ 0805ｨｪ01ｨ Bennetton Mexx Guess Louis Vuitton SELA Vassa Zarina 5 00ｨ ｨｦ 0804ｨｪ06ｨｺ ｨｪ ｨｪ02ｨｰ ｪ 04ｨｨ ｨｮ07ｨｪ02ｨｦ03ｨｨ02 ｨｨ000806ｨｺｨｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ 94

8 ｨｬ02 ｨｰ060006, ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 Mercury, 08ｨ ｨｪ0202 ｨｪ ｨｰｨ ｨｪｨｪｨ ｨｰ0208ｨ ｨｮ080002, 0708ｨｨ06ｨ ｨ 0708ｨ 0906 ｨ 0802ｨｪ , 0601ｨｪ ｨｨ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｮｨｪｨｨ090208ｨｬｨ ｨ, ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴ02ｨｦ 0802ｨｺ06ｨｪ09ｨｰ08ｨｮｨｺ02ｨｨｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｰｨ ｨｪ04 09ｨｰ ｨｨ ｨｰ0802ｨｰｨｹｨｨ 05ｨｨｨｪｨｨｨｨ ｨｰ-ｨ ｨｰ02 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ010609, 09 ｨｺ06ｨｰ060804ｨｬｨｨ 08ｨ ｨ 06ｨｰｨ 02ｨｰ Mercury. 0806ｨｬ07ｨ ｨｪｨｨ ｨ 02ｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 09ｨｰ08ｨ ｨｰ0200ｨｨ06 ｨｪｨ 08ｨ ｨｴｨｨ09ｨ ｨｪｨｨ07 ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｨ ｨｪｨ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪｨｺｨ 01, ﾂｨｰ06 ｨｰ0802ｨ ｨｮ02ｨｰ ｨｺ08ｨｮ07ｨｪ ｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｨ ｨｺ ｨｪｨｪ04ｨｬ 06ｨ 08ｨ 0406ｨｬ 0909ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ 06 05ｨｨ01ｨｨ08ｨｮ06ｨｴ02ｨｬ ｨｪｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨｬ02 ｨｰ060006, ｨｰｨ ｨｺ06ｨｦ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ ｨｨ ｨｪ0209ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ04ｨｦ 09ｨ 08ｨｨｨ ｨｪｨｰ ｨ ｨｪｨ 0702ｨｰ0208ｨ ｨｮ080009ｨｺｨｨｨｦ ｨｪ-0804ｨｪ06ｨｺ ｨｰ Mercury ｨｮ ﾂｨｨｨｰｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ0602 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨｨｬｨｮｨｴ0209ｨｰ ｨ 09ｨｪ02ｨｪｨｨ ｨｮ00ｨｨｨｬｨｨ ｨｨ000806ｨｺｨ ｨｬｨｨ ｨｨ06ｨｪ ｨｪｨｺｨ ｨｬ 00ｨ 0402ｨｰ ｨｬ0609ｨｰｨｨ03, 06ｨ ｨｰ 05ｨｨ010208ｨ 0804ｨｪｨｺｨ ｨ 05ｨｨ0406ｨｺ ｨｺ 300 ｨｬ05ｨｪ ｨｰ08ｨ ｨｰ0200ｨｨ07 Mercury 04ｨ ｨｺ0506 ﾂｨ 02ｨｰ ｨｰ06ｨｬ, ﾂｨｰ06 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 ｨｬ06ｨｪ ｨｨ04ｨｨ08ｨｮ02ｨｰ ｨｬ06ｨｴｨｪ0402 ｨ 0805ｨｪ0104 ｨｮ080609ｨｪ07 Armani, Gucci ｨｨ Prada, 0102ｨｦ09ｨｰ09ｨｮ07 ｨｪｨ 0609ｨｪ0609ｨ ｨｪｨｨｨｨ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨ07 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ ｨｪｨｨｨｬｨｨ. 00ｨｰ ｨｨ ｨｰ0802ｨｰｨｹ02 ｨｬ0209ｨｰｨ ｨ ｨｰｨ ｨｬ ｨｰ ｨｬ020301ｨｮ 0906ｨ 06ｨｦ 08ｨｨｨｰ02ｨｦ Bosco di Ciliegi ｨｨ ｨ ｨｬｨｨ05ｨｹ ｨｬ07ｨ ｨｪｨｨ07 Bosco di Ciliegi ｨ 02ｨｰ ｨ ｨｨ05ｨｹｨｪ04ｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨｪｨ ｨ ｨ 05ｨ ｨｪ0902 ｨｬ020301ｨｮ ｨ 0805ｨｪ01ｨ ｨｬｨｨ ｨｺ06ｨｦ ｨｬ (Givenchy, Nina Ricci) ｨｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨｨｬｨｨ ｨ 0805ｨｪ01ｨ ｨｬｨｨ ｨｪ02ｨｦ 0202ｨｪ060906ｨｦ ｨｺｨ ｨｰ ｨｨｨｨ ｪ 06ｨｪｨ 0905ｨ ｨｰ 0902ｨｰｨｹ06 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ0401 ｨ ｨｮｨｰｨｨｨｺ0609 ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨ ｨｬ06ｨｺ08ｨ ｨｰｨｨ ﾂｨｪ0401 ｨｬｨ 0806ｨｺ, ﾂ02ｨｬ ｨｮ ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ0609 ｨｨ04 Mercury: Etro, Kenzo, Max Mara, Marina Rinaldi, Max & Co, Alberta Ferretti, Moschino, Ermanno Scervino, Pomellato, Mandarina Duck, La Perla. 06ｨ ｨｺ0302 ｨｺ06ｨｬ07ｨ ｨｪｨｨ ｨ ｨｰ 0902ｨｰｨｹ06 ｨｬｨｮ05ｨｹｨｰｨｨｨ 0805ｨｪ ｨｬｨ 00ｨ 04ｨｨｨｪ0609 Bosco di Ciliegi, ｨ 02ｨｰ0907 ｨｪ06ｨｬ02ｨｪｨｺ05ｨ ｨｰｨｮ08ｨ ｨｰ0609ｨ ｨｨ ｨｰｨｺ0609 ｨ 0805ｨｪ010609, 0708ｨｨｨｪｨ ｨ ｨｴｨｨ01 ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ ｨｬ02 ｨｰ060006, Bosco di Ciliegi ｨｰ060800ｨｮ02ｨｰ ｨｦ 07ｨ ｨｬ0208ｨｨ02ｨｦ, ｨｺ0609ｨｬ02ｨｰｨｨｨｺ06ｨｦ ｨｨ ｨ ｨｺ ｨｮｨ 08ｨ ｨｬｨｨ 09 00ｨ Articoli. 09ｨｨ04ｨｪ0209 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨ ｨｬｨｨ05ｨｹ ｨｨｨｰ0907 ｨｪｨ ｨｰ08ｨｨ ｨｬ02ｨｪｨｰｨ ｨｦ ｪ 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ0402 ｨ ｨｮｨｰｨｨｨｺｨｨ Hermes, Christian Dior, Cerruti, Yohji Yamamoto, Escada, Wolford. 00ｨｰ060806ｨｦ ｪ ｨｬｨｮ05ｨｹｨｰｨｨｨ 0805ｨｪ ｨｺ ｨｬｨ 00ｨ 04ｨｨｨｪ04 James ｨｨ Red- Code, 09 ｨｺ06ｨｰ ｨ 06ｨｰ0907 ｨ 0805ｨｪ0104 ｨｮ080609ｨｪ07 Jean-Paul Gaultier, Paul Smith, Burberry ｨｨ ｨｰ0802ｨｰｨｹ02ｨｬ ｨｬ02ｨｪｨｰ02 08ｨ ｨ 06ｨｰｨ 02ｨｰ ｨ ｨｬｨｨ05ｨｹ080603, ｪ ｨ 0805ｨｪ ｨｪ ｨｺ05ｨ 0909ｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨｪ0209ｨｪ ｨｰｨｨ0507 (casual): Naf Naf, Levi ｯs, Shevignon. 05ｨ ｨｰ0806ｨｦｨｺ06ｨｦ 05ｨｨ ｨｮ06ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｬ02ｨｪｨｹ ｨ 04ｨｬ0208ｨ : ｨ 08ｨｹ03, ｨｨｨｪ ｨｪｨｰ0803, 0004ｨｮ0909ｨｺ ｨｰ0603, ｨｹｨｬ06ｨｦ ｨｬ02ｨｪｨｰ03, ｨｺｨｮ0903, 0008ｨ 05ｨｨ00ｨｮ05ｨ 03 ｨｨ ｨｪ06ｨｺ ｨｨ ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ﾂｨｰ06 Mercury ｨｰｨ 05ｨ ｨｮｨｪｨｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨ02ｨｦ 09 06ｨ 05ｨ 09ｨｰｨｨ 09ｨ ｨｬ ｨｨ ｨｺ ｨｬｨ 0806ｨｺ, Bosco di Ciliegi 0106ｨｬｨｨｨｪｨｨ08ｨｮ02ｨｰ ｨｬ02ｨｪｨｰ ｨｪ ｨｮｨｺｨｰ0609 ｨｪｨ 0601ｨｨｨｪ ｨｺ05ｨ 0909 ｨｪｨｨ0302, ｨｺ06ｨｪｨｰ080605ｨｨ08ｨｮ07 ｨｬｨ 08ｨｺｨｨ ｨｮ080609ｨｪ07 Kenzo ｨｨ Max Mara, ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ ｨ ｨｬｨｨ05ｨｹ- 95

9 ｨｨｨｬ 06ｨ ｨｰｨ ｨｬ 04ｨ ｨｬ02ｨｰｨｪ06 06ｨｰ09ｨｰｨ 02ｨｰ Mercury, ｨｺｨ ｨｺ ｨｨ 0506ｨ 06ｨｦ ｨｺ08ｨｮ07ｨｪ06ｨｦ 00ｨｨ08ｨｬ06ｨｦ, ｨｬ0603ｨｪ06 ｨｮ ｨｪ06 ｨｺ06ｨｪｨｺｨｮ08ｨｨ080609ｨ ｨｰｨｹ 09 06ｨｰ010205ｨｹｨｪ0401 ｨｪｨｨ03ｨ 01: ｨｪｨ 0708ｨｨｨｬ0208, ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 0008ｨ 05ｨｨ00ｨｮ05ｨ 03 ｨｨ ｨｹｨｬ06ｨｦ ｨｬ02ｨｪｨｰ03 ｪ 09 ｨｪｨｨ0302 ｨｺ05ｨ 0909ｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ ｨｺ06ｨｪ ｨ ｨｰｨｨ09ｨｪ0401 ｨｬｨｮ0309ｨｺｨｨ01 ｨｺ0609ｨｰ06ｨｬ0609, ｨｺ ｨｨｨｪ0003 ｪ ｨｨ08ｨｪ0401 ｨｨ ｨｨ0701 ｨｨ ﾂｨ 09ｨ 01, ｨ ｨｺｨｮ0903 ｪ ｨｦ 06ｨ ｨｮ09ｨｨ ｨｦｨｪｨ 07 ｨｪｨ 0202ｨｪｨｺｨ ｨｪｨ ｨｰ0609ｨ 08 ｪ ｨｪ ｨｨｨｦ09ｨｺ06ｨｬｨｮ 0804ｨｪｨｺｨｮ ｨｰ0609ｨ ｨｺ0603ｨｨ. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｨ ｨｨｨｰｨｹ ｨｪｨｮ030102ｨｪｨｪ06ｨｦ ｨ 01ｨ 07ｨｰｨ 02ｨｨｨｨ ｨｬ02ｨｪｨｰｨ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00 ｨｬｨｨｨｺ ｨｪｨ 03 (Price), ｨｰ ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ 02 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨ 0502ｨｬｨ ｨｺｨ 05ｨ 02ｨｨｨｨ 0202ｨｪ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｨ 05ｨｰ06ｨｬ 09ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ04ｨｦ ｨｪｨｺｨ ｨｪ0608ｨｬｨ ｨｰｨｨ ｨｨｨ 0405ｨｨ ｨｰｨ ｨｰ 06ｨｺ % 06ｨｰ 06ｨ ｨｰｨ. 0201ｨｪｨ ｨｺ06, ｨｪｨｺｨ ｨｬ 0005ｨ 09ｨｪ ｨｺ06ｨｪ06ｨｬｨｨ09ｨｰｨ 02ｨ ｨｲ0201ｨｨｨｪ02ｨｪｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 0008ｨｮ (020801) ｨ ｨ 06ｨｰｨｺｨｨｨｪｨ, 05ｨｰｨ ｨｪ0608ｨｬｨ 0802ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｨ ｨｪ ｨｰ ｨｺ09ｨｰ08ｨ ｨｨｨｪｨ 08ｨｪ06ｨｦ ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04, 05ｨｰ ｨｰｨ 09ｨｨｨｬ ｨｨｨ 0405ｨｹ06 ｨｪｨ 06ｨ ｨｰ 09 ｨｪ0200ｨｰ07ｨｪ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ, ｨｺ06ｨｰ0608ｨ ｨｰｨ ｨｰ 25ｨC35%, ｨｨ ｨｪｨ ｨｬｨｪ ｨｨｨ 0405ｨｨ ｨｺｨｰ ｨｰ020502ｨｺ06ｨｬｨｬｨｮｨｪｨｨｨｺｨ 02ｨｨｨｨ, ｨｪｨ ｨｰｨｨ00ｨ 02ｨｰ 10ｨC18%. 0201ｨｪｨ ｨｺ06 ｨｪ ｨｰｨｪｨ 07 ｨｰ0806ｨｦｨｪｨ 07 ｨｪｨ 0202ｨｪｨｺｨ ｨｨ ﾂｨｪ06 06ｨ ｨｲ0709ｨｪ0702ｨｰ0907 ｨｺ08ｨ ｨｦｨｪ02 ｨｪｨｨ04ｨｺ06ｨｦ 06ｨ 0608ｨ ﾂｨｨ09ｨ 02ｨｬ0609ｨｰｨｹ06 ｨｺｨ 07ｨｨｨｰｨ 05ｨ 09 luxury ｪ ｨｺ ｨｺ02ｨｨｨｨ 04ｨ ｨｺｨｮ07ｨ 06ｨｰ ｨ ｨ 03 [05ｨｰ , 2002]. 05ｨｨ09ｨｰ02ｨｬｨ 0609ｨｪ0609ｨｪ ｨ ｨ ｨｮｨｰｨｨｨｺ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-ｨ ｨｨ04ｨｪ ｨｰｨ ｨｪｨ 09 ｨｰｨ ｨ ｨｮ ｨｪ06 ｪ 05ｨｰ ｨｨ03ｨｹ 06ｨ 06ｨ ｨｴ02ｨｪｨｪ ｨ ｨｪｨｪ ｨｪｨ ｨｺ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ0502, ｨｰ060800ｨｮ06ｨｴ02ｨｬ ｨｮｨｺｨｰｨ ｨｬｨｨ, 06ｨｰｨｪ060907ｨｴｨｨｨｬｨｨ0907 ｨｺ ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ, 0708ｨｨｨｪ07ｨｰ ｨｨ ｨｨ09ｨ ｨｰｨｹ0907 ｨｮ080609ｨｪ ｨｨｨ 0405ｨｨ ｨｪ02 ｨｬ02ｨｪ % 06ｨｰ 06ｨ ｨｰｨ [0608ｨ ｨｪｨｨｨｺ0609, 2002]. 06ｨ ｨ 05ｨｨ02ｨ 3 05ｨｨ09ｨｰ02ｨｬｨ 0609ｨｪ0609ｨｪ ｨ ｨ ｨｮｨｰｨｨｨｺ ｨｨｨｨ, ｨｪｨｰｨ 01 06ｨｰ 06ｨ ｨｰｨ ｨ ｨｮｨｰｨｨｨｺｨ 96 05ｨｰｨ ｨｰｨｹｨｨ 08ｨ ｨｪ01ｨ 05ｨ 08ｨ ｨ 06ｨｰｨｪｨ ｨ ｨｰｨ 01ｨ ｨｨ 06ｨ ｨｬ060302ｨｪｨｪ ｨ ｨｰ0203ｨｨ 05ｨ ｨｺｨｮ07ｨｺｨｨ 15 5ｨC ｨｨｨ 0405ｨｹ: 25ｨC30 06ｨｰ 06ｨ ｨｰｨ 0602ｨｪ0102ｨｪ02ｨｨ07 ｨｺ 09ｨｰ0802ｨｬｨｨｨｰ0205ｨｹｨｪ06ｨｬｨｮ ｨｰｨｮ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｪｨ ｨｨｨｦ09ｨｺ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ, ｨｰ0907 ｨｰｨ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｨｨｪ00ｨ. 0308ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｺ08ｨｮ07ｨｪ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｪｨｨ02 2ｨC ｨ 09ｨｰ0802ｨｬｨｨｨｰ0205ｨｹｨｪ06 08ｨ 0903ｨｨ080706ｨｰ ｨｨ ｨｰ ｨｴｨ 01ｨｨ. Mercury ｨ ｨｺｨ 04ｨ 05ｨ 09ｨｰ0806ｨｨｨｰ0205ｨｹ09ｨｰ ｨｺ ｨｨｨｪ00-ｨｬ060505ｨ (09ｨ 0809ｨｨ01ｨ Luxury Village) ｨｪｨ 04ｨｮｨ ｨｺ06ｨｬ ｨｨ05ｨ ｨｬｨｨ ｨｨｨｰｨ 05ｨｹ07ｨｪ09ｨｺｨｨ01 ｨ 0801ｨｨｨｰ02ｨｺｨｰ , ｨｺ06ｨｰ060804ｨｦ 09 ｨｺ06ｨｪ ｨｪｨ ｨｺ06ｨｪ ｨｰｨｺ ｨｨ ｨｨ ｨｨ09ｨｺｨｮ0302ｨｪｨｪ06ｨｦ 07ｨｮｨ 05ｨｨｨｺｨｨ. 0806ｨｬ07ｨ ｨｪｨｨ07

10 13Bosco di Ciliegi 0708ｨｨ06ｨ ｨ ｨｺｨ 10 ｨｰ0409. ｨｬ 2 ｨｰ ｨｴｨ 0102ｨｦ ｨｪｨ ｨｴｨ 01ｨｨ ｨｰｨ ｨｪｨｨ07, ｨ ｪ ｨｪｨ 03 ｨｪｨ ｨｬ 0808ｨ ｨ ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｺｨｮ0903 ｨ ｨｰ080602ｨｪ ｨｬｨｪ04ｨｦ ｨｺ ｨｦ03 ｨｰ ｨｦ 0202ｨｪｨｰ08 00Crocus City Moll ｨｴｨ 01ｨｹ06 ｨ ｨｰ0409. ｨｬ 2 ｨｪｨ ﾂ02ｨｪｨｨｨｨ ｨｨ ｨｺ0605ｨ ｨｬ09ｨｺ ｨ ｨｺ0602 ｨｮ09ｨｨ0502ｨｪｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ02 05ｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ ｨｺ ｨｬ0209ｨｰｨ ｨｬ ｨｪｨｨ ｨｺｨｮ0706ｨｺ ｨｪ ｨｮ ﾂｨ ｨｦｨｪ06, ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ02 ｨｨ ｨ ｨｰ0205ｨｨ 0106ｨｺｨ 04ｨ 05ｨｨ, ﾂｨｰ06 04ｨ ｨｮ ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｰ06ｨｨｨｰ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ000609ｨ 07 01ｨｨ ｨｪ02ｨｨｨ 02ｨｨ ｨｮ01 06ｨ 05ｨ 09ｨｰ0701: ｨｨｨｬｨｨ0103ｨ ｨｬｨ 00ｨ 04ｨｨｨｪ0609, 09ｨｺ0506 ﾂｨ ｨ ｨｪｨｨ080609ｨ ｨｪｨｨ02 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ ｨｨ ｨｬ0208 ﾂ02ｨｪ01ｨ ｨｦ04ｨｨｨｪ00, ｨｨ ｨｨ0302ｨｪｨｨ07, ｨ ｨｰ0409ｨ 06ｨｴ02ｨｦ ｨｺｨｰｨｨ09ｨｪｨｮ ｨｺ05ｨ ｨｬｨｮ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 09ｨ 04ｨｰｨ [Moore, Fairhurst, 2003, ]. 08ｨ ｨｰｨｪ ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｨ02 ｨｨｨｬ070608ｨｰｨ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｨ ｨｺ 0005ｨｮｨ 06ｨｺ06ｨｬｨｮ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｬｨｮ 0904ｨ ｨｨｨｬ060102ｨｦ09ｨｰ09ｨｨ06 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ-0906ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺ0609 ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ ｨ ｨ 05ｨｹｨｪ ｨｪ-ｨ 0805ｨｪ01ｨ (ｨｰ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｬ0609) 09 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ-08ｨｨｨｰ02ｨｦ050208ｨ ｨｬｨｨ, ｨｺ06ｨｰ060804ｨｬ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｪｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｮｨｪｨｺ02ｨｨｨｦ ｨ 02ｨｪｨｪ06 05ｨｰ06 ｨｺｨ 09ｨ 02ｨｰ ｨｪｨｨ07 08ｨ 0405ｨｨ ﾂｨｪ0401 ｨｬ ｨｨ07ｨｰｨｨｨｦ ｨｨ0302ｨｪｨｨ06 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺ ｨｪ-ｨ 0805ｨｪ01ｨ ｨｮ06 06 ﾂ ｨｹ, 05ｨｰ ｨ ｨｪ06 09 ｨｰ02ｨｬ, ﾂｨｰ06 ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｮ ﾂ ｨｪｨ 06ｨｰ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｦ 0804ｨｪ06ｨｺ, ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ08ｨｮ, ｨ 02ｨｪｨｪ0609ｨｰｨｨ 0706ｨｰ0802ｨ 0502ｨｪｨｨ07, ｨ ｨｰｨ ｨｺ ｨｨ00ｨｨｨｺｨｮ ｨｪｨｨ07 ｨ ｨｨ04ｨｪ0209ｨ 09 01ｨ ｨｪｨｪ06ｨｬ ｨｨ06ｨｪ02. 06ｨ ｨｺｨ ｨ ﾂｨ ﾂｨ 09ｨｰｨｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｮｨｪｨｺ02ｨｨｨｦ ｨ 04ｨｮｨｬ0209ｨ 02ｨｰ 0802ｨ 05ｨｹｨｪ ｨｬ0603ｨｪ0609ｨｰｨｨ 08ｨｨｨｰ02ｨｦ050208ｨ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨｨ ｨｪｨｨ ｨｺ05ｨ ｨｬｨｪ0401 ｨｨ ｨｬ06-ｨｺｨ ｨｬ07ｨ ｨｪｨｨｨｦ ｨｺｨ ｨｺ ｨｰ08ｨｮ01ｨｪｨｨ ﾂ0209ｨｰ ｨｨ ｨｨｨｰ020502ｨｬ, ｨｰｨ ｨｺ ｨｨ 09ｨ ｨｬ0609ｨｰ0607ｨｰ0205ｨｹｨｪ06 ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨ 00ｨ 02ｨｰ ｨｪｨ 05ｨｨ ﾂｨｨ02 ｨｪ02ｨｺ06ｨｰ060806ｨｦ ｨ 01ｨ 07ｨｰｨ 02ｨｨｨｨ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00ｨ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺ ｨ 0805ｨｪ01ｨ. 00ｨｬ0209ｨｰ02 09 ｨｰ02ｨｬ 06ｨｰ 08ｨｨｨｰ02ｨｦ050208ｨ ｨｰ0802ｨ ｨｮ02ｨｰ ｨ ｨｪｨｨ ｨｪｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ 0009ｨｰｨ ｨｪ01ｨ 08ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｰｨｨｨｺ ｨｨ0302ｨｪｨｨ ｨｪ-ｨ 0805ｨｪ01ｨ 03 [Vrontis, Vronti, 2004, ], ｨ ｨｰｨ ｨｺ ｨ ｨｪｨｨ02 ｨｨｨｬｨｨ0103ｨｮ ｨｨ 09ｨｰｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪ-ｨ 0805ｨｪ01ｨ ｨ ｨｪｨｨ ｨｨｨｪ0606ｨ 08ｨ 04ｨｨ07 ｨ 0805ｨｪ ｨｦ ｨｨ0102ｨｪｨｰｨｨ ﾂｨｪ0609ｨｰｨｨ ｨｪｨ ｨｪｨｺｨ ｨ ｨｪ0609ｨｰｨｹ ｨｪ-08ｨｨｨｰ02ｨｦ050208ｨ ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｮ ﾂｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｰｨｨ0302ｨｪｨｨｨｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｪ 0906ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺｨ ｨｪ-ｨ 0802ｨｪ01ｨ (ｨ ｨｺ06ｨｪ02 ﾂｨｪ06ｨｦ ｨｹ06, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｰ0907 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｪ06 ﾂｨｪ06ｨｦ ｨｨ ｨ 0802ｨｪ01ｨ ｨｪｨ ｨｺ06ｨｪｨｺ0802ｨｰｨｪ06ｨｬ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｬ 0804ｨｪｨｺ02)03 [ ｨｺｨｨｨｪ, ｨｺｨｨｨｪｨ, 2005, ], ｨ ｨｰｨ ｨｺ ｨｮｨｰｨ 02ｨｨ07 08ｨｨｨｰ02ｨｦ050208ｨ ｨｪｨ 0804ｨｪｨｺ02 ｪ 05ｨｰ06 09ｨ 03ｨｪ02ｨｦ03ｨｨ02 00ｨ ｨｺｨｰ060804, 0905ｨｨ0706ｨｴｨｨ02 ｨｪｨ 0904ｨ ｨ ｨｪｨｪ ｨｨｨｰ02ｨｦ050208ｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨ 08ｨｰｨｪ0208ｨ, ｨｰ02ｨｬ ｨ ｨｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ ｨｮ ﾂ02ｨｪｨｨｨｨ 0708ｨ 09 ｨｪｨ 05ｨｺ09ｨｺ050604ｨｨ09ｨｪｨｮ06 01ｨｨ09ｨｰ08ｨｨｨ ｨｹ0602ｨｨ ｨｹ ｨｪ-08ｨｨｨｰ02ｨｦ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨ ｨｪｨ 0708ｨｨｨｬ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｰ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨｬｨｪ060006ｨｬｨ 0806 ﾂｨｪ0401 ｨ ｨ ｨｦ : Mercury Group, Bosco di Ciliegi ｨｨ ｨ ｨｬｨｨ05ｨｹ080603, 0609ｨｮｨｴ0209ｨｰ ｨｴｨｨ01 ｨｨｨｬ070608ｨｰ 97

11 13ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ﾂ ｨｨ09ｨｰ02ｨｬｨｮ 0008ｨ ｨｪ ﾂｨ ｨｦ04ｨｨｨｪ ｨｨ05ｨｨ 01ｨｨ ｨｺｨｨ ｨ ｨ ｨｪｨ 05ｨｨ04ｨ ﾂｨｨ090502ｨｪｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ 06ｨ ｨｮ ｨｪ ｨｨ01 05ｨｨ01ｨｨ08ｨｮ06ｨｴｨｨｨｬ ｨｪｨｨ02ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ0502 ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02ｨｬ 0608ｨｨ00ｨｨｨｪｨ 05ｨｹｨｪ0401 ｨｺ06ｨｪ ｨｨｨｦ 09 06ｨ 05ｨ 09ｨｰｨｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00-ｨｬｨｨｨｺ09ｨ, ｨｺ06ｨｰ ｨｺ08ｨ ｨｰｨｺ ｨｰｨ ｨｪ04 09 ｨｰｨ ｨ ｨ ｨ 05ｨｨ02ｨ 4 00ｨ 08ｨｺ02ｨｰｨｨｨｪ00-ｨｬｨｨｨｺ09 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｪ-08ｨｨｨｰ02ｨｦ ｨ 08 (Product) 0002ｨｪｨ (Price) ｨｬ02ｨｪｨｰ04 ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00ｨｬｨｨｨｺ09ｨ 04ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ02 (Place) ｨｨ0302ｨｪｨｨ02 (Promotion) Mercury Group Bosco di Ciliegi ｨ ｨｬｨｨ05ｨｹ ｨｺ09ｨｺ050604ｨｨ09ｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ02 ｨ 0805ｨｪ0104 (0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ0202ｨｪｨｰ): Armani, Brioni, Bulgary, Chanel, Dolce & Gabbana, Ermenegildo Zegna, Fendi, Gucci, Jil Sander, John Galliano, Prada, Tiffany 6ｦ1 0709ｨｰｨ ｨｪ ｨｪｨｨ ｨｬｨｨｨ 05ｨｹｨｪ ｨｪ 6ｦ ｨ 0502ｨｬｨ ｨｺｨ 05ｨ 02ｨｨｨｨ 0202ｨｪ0403 6ｦ1 0006ｨｪ06ｨ 0805ｨｪ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ02 ｨ ｨｮｨｰｨｨｨｺｨｨ 6ｦ ｨ ｨｪｨｨ02 ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 6ｦ ｨｺ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ ｨｰ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ (000700, ) 6ｦ1 0402ｨｺ05ｨ ｨｬｨ ｦ ｨｪ-0306ｨｮ 6ｦ ｨｪｨｨ ｨｺ06ｨｪ ｨｪ02ｨｨｨｦ ｨｨ ｨｪｨｰｨ 02ｨｨｨｦ 6ｦ ｨ ｨｪｨｨ02 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｮ08ｨｪｨ 05ｨ Mercury 09ｨ 05ｨ ｨｪ09 ｨ 0805ｨｪ ｨｺｨ ｨｰ ｨｨｨｨ 0506ｨｺ09: Givenchy, Nina Ricci ｨｨ ｨ 0805ｨｪ ｨｪ02ｨｦ ｨｺｨ ｨｰ ｨｨｨｨ: Kenzo, Marina Rinaldi, Mandarina Duck, Etro, Max Mara, Pomellato 6ｦ1 0502ｨｰｨｹ ｨｬ06ｨｪ06ｨ 0805ｨｪ ｨ ｨｮｨｰｨｨｨｺ0609 ｨ ｨｬ06ｨｺ08ｨ ｨｰｨｨ ﾂｨｪ0401 ｨ 0805ｨｪ ｦ1 0502ｨｰｨｹ ｨｬｨｮ05ｨｹｨｰｨｨｨ 0805ｨｪ ｨ ｨｮｨｰｨｨｨｺ0609 Bosco di Ciliegi 6ｦ1 01ｨ Articoly 6ｦ1 0402ｨｺ05ｨ ｨｬｨ ｦ ｨｪ-0306ｨｮ 6ｦ1 03ｨ ｨ 05ｨｨ09ｨｨｨｰｨｨ ｪ ｨｺ06ｨｪ09ｨｰ08ｨｮｨｨ080609ｨ ｨｪｨｨ02 ｨｨｨｪ000608ｨｬｨ 02ｨｨ06ｨｪｨｪ ｦ ｨｪ ｨｰ0906 6ｦ1 03ｨ 08ｨｰｨｪ020809ｨｰ0906 6ｦ ｨｨｨ 05ｨｹｨｪ0402 ｨ ｨｺ02ｨｨｨｨ ｨｪ0104 ｨｺｨ ｨｰ ｨｨｨｨ 0506ｨｺ09: Hermes, Cerruti, Escada, Wolford, Christian Dior ｨｪ ｨｪ02ｨｦ ｨｺｨ ｨｰ ｨｨｨｨ: Jean-Paul Gaultier, Burberry, Paul Smith ｨｪ0104 casual: Naf Naf, Levi ｯs, Shevignon 6ｦ ｨ ｨｪｨｨ02 03ｨｨ0806ｨｺ06ｨｦ ｨｪｨｨ ﾂｨｪ06ｨｦ 0902ｨｰｨｨ ｨｬ02ｨｪｨｰｨ casual 6ｦ1 00ｨｮ05ｨｹｨｰｨｨ- (James, RedCode) ｨｨ ｨｬ06ｨｪ06ｨ 0805ｨｪ ｨ ｨｮｨｰｨｨｨｺｨｨ (0506ｨｺ09) 6ｦ1 0402ｨｺ05ｨ ｨｬｨ ｦ ｨｪｨｨ ｨｺ06ｨｪ ｨｪ02ｨｨｨｦ ｨｨ ｨｪｨｰｨ 02ｨｨｨｦ 6ｦ ｨｪｨｨ ｨｰｨ 0906ｨｺ 98

12 13Mercury Group, 05ｨｨ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ ｨｰ0609ｨ ｨｺｨ ｨｰ ｨｨｨｨ ｨｺ0603ｨｨ, 0609ｨｪ0609ｨ ｨｪｨｪｨ , ｨｪ ｨｰ ｨｺ09ｨｺ050604ｨｨ09ｨｪ04ｨｬ ｨｨｨｬ070608ｨｰ020806ｨｬ ｨ 0805ｨｪ Armani, Brioni, Bulgari, Dolce & Gabbana, Ermenegildo Zegna, Gucci, Prada ｨｨ ｨｮｨｪｨ ｨｪ04ｨｦ ｨ 09ｨｰ0608ｨｨｨｰ02ｨｰ 08ｨｮｨｺ ｨｨｨｰ020502ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ﾂ ﾂｨ ｨｦｨｪ ｨｺ ｨｮ08ｨｪｨ 05 Time 09ｨｺ0506 ﾂｨｨ ｨｨ010507ｨｪ01ｨ, ｨｨ0102ｨｪｨｰｨ Mercury Group, ｨｨ ｨｰ08ｨｮｨｪｨｨｨｪｨ, ｨ ｨｰ ｨｰｨ 01ｨｨ0802ｨｺｨｰ , ｨｨ0906ｨｺ ｨｨ07ｨｰ0205ｨｹｨｪ02ｨｦ03ｨｨ ｨｦ 09 ｨｬｨｨ ｨｪ-ｨ ｨｨ04ｨｪ0209ｨ ｨｪｨ ｨｮ ｨｮｨｴｨｨｨｬｨｨ ｨｪ01ｨｨ04ｨ ｨｦｨｪ0208ｨ ｨｬｨｨ, 08ｨｮｨｺ ｨｨｨｰ020507ｨｬｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪ-ｨｺ06ｨｪ000506ｨｬ0208ｨ ｨｰ0609 ｨｨ ｨ ｨｺｨｰ0608ｨ ｨｬｨｨ ｨｬｨｨ ｨｪ-ｨｨ0401ｨ ｨｪｨｨｨｦ. 0502ｨｦ ﾂｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 06ｨｺ ｨｰ ﾂｨｨ 0906ｨｰ08ｨｮ01ｨｪｨｨｨｺ0609, ｨｦ 06ｨ ｨｰ ｨｰｨ ｨｰ 06ｨｺ ｨｬ05ｨｪ Mercury 04ｨ ｨｪｨｨｨｬｨ 02ｨｰ ｨｬ0209ｨｰ ｨｦｨｰｨｨｨｪ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｺ05ｨ ｨｬ0601ｨ ｨｰ020502ｨｦ [TNS Gallup AdFact ｭ, 2005]. 0308ｨｨ0608ｨｨｨｰ02ｨｰｨｪ0602 ｨｪｨ 0708ｨ ｨｪｨｨ02 08ｨ 0409ｨｨｨｰｨｨ07 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｪ ｨｪｨ 08ｨ ｨｴｨｨ09ｨ ｨｪｨｨ02 ｨｰ ｨｴｨ 0102ｨｦ, 09ｨｰ0806ｨｨｨｰ0205ｨｹ09ｨｰ0906 ｨｮ0106ｨ ｨｪ06ｨｦ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804, ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ07 ｨｪｨ 0005ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ01 ｨｬｨ 00ｨ 04ｨｨｨｪｨ ｨｺ ｨｪ-ｨ 0805ｨｪ010609, ｨｰ. 02. ｨ ｨｺ0202ｨｪｨｰ ｨ 02ｨｰ0907 ｨｪｨ ｨｬ02ｨｪｨｰ02 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ00-ｨｬｨｨｨｺ09ｨ 0004ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ0203 (Place) ｨｨ ｨ ｨｪｨｨｨｨ 00ｨ ｨｰｨｬ ｨｺ0603ｨｨ ｨｨ ｨｰｨｨ03ｨ ｨｺｨ ｨｺ 0609ｨｪ0609ｨｪ ｨｬ02ｨｰ0601ｨ ｨｨ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ [Bridson, Evans, 2004, ] 05ｨｰ06ｨｦ ｨｺｨ ｨｰ ｨｨｨｨ. 0806ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ Mercury 0609ｨｪ0609ｨ ｨｪ04 ｨｪｨ ｨｰ ｨ 03ｨｪ02ｨｦ03ｨｨ ｨｰｨ ｨｴｨｨ01: ｨｰ000205ｨｹ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ( ﾂｨ ｨｴ ｨｺ09ｨｺ050604ｨｨ09ｨｪ ); ｨ ｨｪｨｨ02 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ ｨｰ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ (ｨｮｨｬ ﾂ02ｨｰｨ ｨｪｨｨ ｨｮ ｨｬ ｨｪ-08ｨｨｨｰ02ｨｦ05ｨ : 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ0402 ｨ ｨｮｨｰｨｨｨｺｨｨ ｨｨ ｨｪｨｮｨｪｨｨ090208ｨｬｨ 00ｨｨ); ｨｨ00ｨｨ ﾂ0209ｨｺｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｺ06ｨｬｨｬｨｮｨｪｨｨｨｺｨ 02ｨｨｨｦ (ｨｰｨ ｨ 05. 5). 06ｨ ｨ 05ｨｨ02ｨ ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ Mercury ｨｰ000205ｨｹ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ ｦ1 06ｨｺ09ｨｺ050604ｨｨ09ｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨｨｬｨｨ 0106ｨｬｨ ｨｬｨｨ 6ｦ ｨｰ 08ｨ ｨ 06ｨｰ04 09 ｨ 0805ｨｪ01ｨ ｨｬｨｨ ｨｺｨ ｨｰ ｨｨｨｨ 0506ｨｺ09 Mercury Group ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ ｨｰ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ 6ｦ1 08ｨ ｨｰ ｨｨ ｨｺ09: 0005ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨ02 ｨｬｨ 00ｨ 04ｨｨｨｪ04 ｨｬｨｨ ｨｮ080609ｨｪ07 6ｦ1 02ｨｨ0000ｨｮ04ｨｪ0402 ｨ 0805ｨｪ0104: 09ｨｮ ｨｴｨ 01ｨｺｨｨ, ｨｪ-ｨｮｨｪｨｨ090208ｨｬｨ 00ｨｨ 00ｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｺ06ｨｬｨｬｨｮｨｪｨｨｨｺｨ 02ｨｨｨｨ 6ｦ1 00ｨ 0909ｨｨ080609ｨ ｨｪｨｪ ｨｺ05ｨ ｨｬｨｪ0402 ｨｺｨ ｨｬ07ｨ ｨｪｨｨｨｨ 6ｦ ｨ ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｮ08ｨｪｨ 05ｨ 6ｦ ｨ ｨｪｨｨ02 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ0401 ｨｨｨｪ000608ｨｬｨ 02ｨｨ06ｨｪｨｪ (0706ｨｺｨ 0404, 0708ｨｨ ｨｮｨｴｨｨ ｨｪ-01ｨｨ04ｨ ｨｦｨｪ , ｨ ｨｪｨｨ04ｨ 02ｨｨ07 05ｨｺ09ｨｺ050604ｨｨ09ｨｪ0401 ｨｨｨｪｨｰ020809ｨｹ06) 99

13 1306ｨ ｨｺ, ｨｮ ｨｪ ｨｰ08ｨｮ01ｨｪｨｨ ﾂ0209ｨｰ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨｨｬ 0106ｨｬ06ｨｬ Gucci 0708ｨｨ ｨｺ ｨｪｨｨ ｨｺ ｨｰ ｨ ｨｮｨｰｨｨｨｺｨ 05ｨｰ ｨｪ-ｨ 0805ｨｪ01ｨ ｨｦ ｨ ｨｮｨｰｨｨｨｺ Gucci 06ｨｰｨｺ ｨｰｨ ｨｬ ｨｨ 07ｨ 08ｨｰｨｪ020809ｨｰ Mercury. 08ｨ ｨｺ 06ｨｰｨｬ02ｨｰｨｨ ｨｨ0102ｨｪｨｰ ｨｨ ｨｮ0708ｨ ｨｴｨｨｨｦ Gucci Group 0206ｨｬｨｨｨｪｨｨｨｺ , 0601ｨｨｨｪ ｨｨ04 09ｨ ｨｬ0401 ｨｨ ｨｰｨｪ ｨｬｨｨ ｨｪ-ｨ ｨｨ04ｨｪ0209ｨ ｨｦ, ｨｬ0609ｨｺ060909ｨｺｨｨｨｦ ｨ ｨｮｨｰｨｨｨｺ 0706 ｨｮ080609ｨｪ ｨ 03 ｨｪｨ ｨｨｨｰ0907 ｨｪｨ 09ｨｰ060806ｨｬ ｨｬ0209ｨｰ02 09 ｨｬｨｨ ｨｨ 0108ｨｮ00ｨｨ01 ｨｬｨ 00ｨ 04ｨｨｨｪ0609 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｮ09ｨｰｨｮ07ｨ 07 05ｨｨ03ｨｹ ｨ ｨｮｨｰｨｨｨｺｨｮ Gucci 09 01ｨｹ ｨｺ ｨｰｨｪ06, ｨｨｨｬ02ｨｪｨｪ06 05ｨｰ ｨｰ0605ｨｺｨｪｨｮ0506 Gucci Group ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ06ｨ ｨｰ08ｨｮ01ｨｪｨｨ ﾂ0209ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨ02ｨｦ Mercury ｨ ｨｰｨｹ ｨｺ ｨｰ060806ｨｦ ｨｬ06ｨｪ06ｨ 0805ｨｪ ｨｦ ｨ ｨｮｨｰｨｨｨｺ. 08ｨ ｨｺ 08ｨ 04 06ｨｰｨｺ ｨｨｨｦ ｨｰｨｹ07ｨｺ060909ｨｺ06ｨｬ ｨ ｨｮｨｰｨｨｨｺ Gucci ｨｺ0902 ｨｨ 09ｨｰｨ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨｨｬ ｨｬｨ 00ｨ 04ｨｨｨｪ06ｨｬ ｨ 0805ｨｪ01ｨ. 07ｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ ｨｺｨｰ ｨ ｨｪｨｨ ｨｺ ｨｦ ｨｮ05ｨｨ ｨｺ0904 ｪ ｨｰｨｹ07ｨｺ060909ｨｺ ｨ, 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨｨｺ06ｨｬ 04ｨ ｨｪ07ｨｰ ｨ 00ｨｬｨ ｨｪ09ｨｺｨｨｨｬｨｨ ｨｬｨ 00ｨ 04ｨｨｨｪｨ ｨｬｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ01 ｨ 0805ｨｪ010609, 0708ｨ 09ｨ ｨｪｨ ｨ 03ｨｮ ｨｺ06ｨｰ ｨｨｨｨ 0706 ﾂｨｰｨｨ ｨｪ0609ｨｰｨｹ06 ｨｺ06ｨｪｨｰ080605ｨｨ08ｨｮ06ｨｰ0907 Mercury, ｪ ｨｰ ｨｺｨｨｨｬ 0708ｨｨｨｬ020806ｨｬ 09ｨｨ0102ｨｪｨｨ ｨｨｨｦ09ｨｺｨｨｨｬ 08ｨｨｨｰ02ｨｦ ｨｬ 08ｨ 0409ｨｨｨｰｨｨ07 05ｨｰ ｨｬ02ｨｪｨｰｨ ｨｪｨ ｨｨ04ｨｪ0209ｨ. ﾁｨｰ06 ｨｺｨ 09ｨ 02ｨｰ0907 ｨｬｨ 08ｨｺ02ｨｰｨｨｨｪ ｨｮ09ｨｨ05ｨｨｨｦ ｨｨ0302ｨｪｨｨ06 01ｨｨ0000ｨｮ04ｨｪ ｨｪｨ 0805ｨｪ010609, ｨｰ06 Mercury ｨｨ ｨｹ04ｨｮ06ｨｰ ｨｰｨｨ ｨｦ ｨｰｨ ｨｺｨｨ02 ｨｰ ｨｴｨ 01ｨｺｨｨ, ｨｺｨ ｨｺ ｨｺ0902 ｨｨ ｨ ｨｪｨｺｨｰ-0302ｨｰ0208ｨ ｨｮ ( ｨｺｨｰ), 0906ｨ ｨｨ08ｨ 07 ｨｬｨｪ ｨｰ ｨ 0405ｨｨ ﾂｨｪ0401 ｨ 0805ｨｪ ｨｰ ｨｨ ｨｰ0802ｨｰｨｹｨｨ01 05ｨｨｨｪｨｨｨｦ ｨｰ-ｨ ｨｰ ｨｪ06ｨｦ ｨｺ ｨｦ, ﾂｨｰ06, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, 01ｨ 02ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ0602 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨｨｬｨｮｨｴ0209ｨｰ ｨｰ06ｨｬ ｨｬ02ｨｪｨｰ ｨｺ05ｨ ｨｬｨｪｨ ｨｨｨｰｨｨｨｺｨ Mercury ｨｪ0609ｨｰｨｹ06 09ｨｨｨｪ010806ｨｪｨｨ04ｨｨ080609ｨ ｨｪｨ ｨｨｨｰｨｨｨｺ06ｨｦ 01ｨｨ04ｨ ｨｦｨｪ020809ｨｺｨｨ ｨｬ0609, ｨｺ06ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨ ｨｰｨ ｨｰ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02: 05ｨｰ06 09ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ ｨｺ05ｨ ｨｬｨｪ ｨ ｨｴ02ｨｪｨｨ07, ﾂｨ ｨｴ ｨ ｨｰ ｨｪ ｨｨ01 03ｨｮ08ｨｪｨ 05ｨ 01 ｨｨ05ｨｨ 0302 ｨｺ08ｨｮ07ｨｪ ｨｬｨ ｨｰｨｪ0402 ｨｬ0601ｨｮ05ｨｨ ｨｨｨｦ09ｨｺ06ｨｦ ｨｦ , ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｪｨｪ04ｨｬ ｨｺ ｨｺ02ｨｨ07ｨｬ. 0201ｨｪｨ ｨｺ ｨｨｨｰｨｨｨｺ ｨｨ0302ｨｪｨｨ07 ｨ 0805ｨｪ010609, ｨｪｨ ｨｴｨｨ ｨｰ ｨｨｨｰ02ｨｦ050208ｨ, 0209ｨｰｨｹ ｨｨ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ Mercury ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ ｨｨ0401ｨ 09ｨ ｨｰｨｹ 0906ｨ 09ｨｰ0902ｨｪｨｪ04ｨｦ 03ｨｮ08ｨｪｨ ｨｬｨ ｨｰ02 bespoke publishing (ｨ ｨｮｨｺ09.: 00ｨｨ0401ｨ ｨｪｨｨ ｨｨｨｪ01ｨｨ09ｨｨ01ｨｮｨ 05ｨｹｨｪ06ｨｦ ｨｬ0208ｨｺ0203, ｨｺ060001ｨ ｨｨ0401ｨ ｨｰ0205ｨｹ09ｨｺｨｨｨｦ 0106ｨｬ (0602) 08ｨ ｨ 06ｨｰｨ 02ｨｰ ｨ ｨｺｨ 04ｨｮ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ) 09 07ｨ 08ｨｰｨｪ020809ｨｰ ｨｪｨｨｨｬ ｨｨ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｨ0401ｨ ｨｰ0205ｨｹ09ｨｺｨｨ ｨｬ ｨｨｨｨ ｨｮ08ｨｪｨ 05 Mercury ｨｨｨｰ 4 08ｨ 04ｨ , ｨｰｨｨ08ｨ ｨｰｨ ｨｰ 30 ｨｰ ｨｺ0402ｨｬ ｨｮ01ｨｨｨｰ0608ｨｨ02ｨｦ 03ｨｮ08ｨｪｨ 05ｨ ｨｰ0907 ｨｺ05ｨｨ02ｨｪｨｰ04 ｨ ｨｮｨｰｨｨｨｺ0609 ｨｨ ｨｬｨ 00ｨ 04ｨｨｨｪ0609 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ Mercury. 04ｨｮ08ｨｪｨ 05 08ｨ 0401ｨ 02ｨｰ ｨｰｨｨｨｰ020507ｨｬ ｨ ｨｮｨｰｨｨｨｺ0609 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ 06ｨ 0704ｨ ｨｰ0205ｨｹｨｪ ｨｨｨｺ05ｨ ｨ 02ｨｰ0907 ｨｺ ｨｺｨ ｨｦ 0706ｨｺｨｮ07ｨｺ ｨｹ ｨｺｨｰｨ ｪ ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ ｨｪ0602 ｨｨｨｪ000608ｨｬｨ 02ｨｨ06ｨｪｨｪ ｨ ﾂ02ｨｪｨｨ ｨｦ ｨ ｨｮ01ｨｨｨｰ0608ｨｨｨｨ ｨｪｨｪ0401 ｨｺ ｨｺ02ｨｨ0701, ｨｰｨ ｨｪｨｪ ｨ ｨｮｨｰｨｨｨｺｨ 01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 0608ｨ 01ｨｨ02ｨｨ06ｨｪｨｪｨ ｨｺ05ｨ ｨｬｨ 09 ｨｰｨ ｨｺ06ｨｦ 04ｨ 01ｨ ﾂ02ｨｦ ｨｪ-ｨ ｨｨ04ｨｪ ｨ 04 ﾂｨｪ ｨ ｨｰ0907 ｨｪ ｨｨ03ｨｺ06ｨｬ ｨｺｨｰｨｨ09ｨｪ ｨｨｨｺ0605ｨ ｨｦ09ｨｨ ﾂ ｪ 0106 ｨｺ06ｨｪ02ｨ ｨ ｨｬ0209ｨｰｨｨｨｰ0205ｨｹ 0005ｨ 09ｨｪ ｨ ｨｺｨｰ0608ｨ ｨｨ ｨ ｨｺｨｰ ｨｨｨ 05ｨｹｨｪ04ｨｬ 100

14 ｨｺｨｰｨ ｨｬ 03ｨｮ08ｨｪｨ 05ｨ ELLE ( ｨｨ07), ｨｺｨｮ08ｨｨ08ｨｮ06ｨｴｨｨｨｦ ｨｮ09ｨｺ Mercury, ｪ 08ｨ 0909ｨｺｨ ｨ 02ｨｰ, ﾂｨｰ ｨｮ08ｨｪｨ 05ｨ 04ｨ ｨｺｨ ｨ 06ｨｰ ｨｨｨ 05ｨｹｨｪ ｨｲ02ｨｬｨｺｨｨ 09 03ｨ 08ｨｨ0302 ｨｮ ｨｨ ｨｰｨｪ0401 ｨｬｨｨ ｨｰ060008ｨ , 01ｨｨ04ｨ ｨｦｨｪ ｨｨ ｨｰ ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｪｨｮ06 09ｨｨ05ｨｮ ｨｬ0603ｨｪ0609ｨｰｨｨ ｰ ｨｪ ｨｮ ﾂｨ 02ｨｰ0907, ｨｺ0605ｨｹｨｺｨｮ ｨｨ00ｨｨｨｺｨ 03ｨｮ08ｨｪｨ 05ｨ Mercury ｪ ｨｬ06ｨｪ06ｨ 0805ｨｪ ｨｲ02ｨｬｨｺｨｨ, ﾂ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ ｨｰ0802ｨｰｨｨ03ｨｹ 09 06ｨ 04 ﾂｨｪ0401, ｨｬｨ ｨｮ08ｨｪｨ 05ｨ ｨ ｨｬ ｨｨｨｺ0605ｨ ｨｦ09ｨｨ ﾂｨ, 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 80% ｨｺ06ｨｪｨｰ02ｨｪｨｰｨ 03ｨｮ08ｨｪｨ 05ｨ 0006ｨｰ0609ｨｨｨｰ ｨｨｨ 05ｨｹｨｪ ｨｰ ｨｺｨｰｨ ｨｨ ｨｰ0605ｨｹｨｺ06 20% ｪ 0706ｨｺｨｮ07ｨ 02ｨｰ ｨ ｨｰｨｪ06, ﾂｨｰ06 03ｨｮ08ｨｪｨ 05 Mercury ｨｨｨｪｨｨｨｬｨ 02ｨｰ0907 ｨ ｨｮ01ｨｨｨｰ0608ｨｨ02ｨｦ ｨｪ02 ｨｺｨ ｨｺ ｨｺ05ｨｨ02ｨｪｨｰ09ｨｺ0602 ｨｨ0401ｨ ｨｪｨｨ02, ｨ ｨ ｨｨ0802: ｨｦ ﾂｨ 09 ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨｪ02ｨｰ ﾂｨｨ09ｨｰ ｨｺ ｨｨ0401ｨ ｨｪｨｨ07, ｨｨ 09 05ｨｰ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ Mercury ｪ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0201ｨｨｨｪ09ｨｰ0902ｨｪｨｪ04ｨｦ luxury-03ｨｮ08ｨｪｨ 0503 [000407ｨｮ09ｨｺｨ ｨｰｨｹ ｨｺ05ｨｨ02ｨｪｨｰ09ｨｺｨｨ02 ｨｨ0401ｨ ｨｪｨｨ07 ｭ, 2004]. Bosco di Ciliegi. 02ｨ ｨｪｨｪｨ 07 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 ｨ 0405ｨ ｨ ｨｪｨ ｨｨ 09ｨｪｨ ﾂｨ 0502 ｨｪｨ ｨ 05ｨ 09ｨｹ ｨｺ060909ｨｺｨｨｨｦ ｨｬ020301ｨｮｨｪｨ ｨｪ04ｨｦ 0106ｨｬ ｨｰ06ｨｺ ｨｨ 05ｨ 07ｨ ｨｦ ﾂｨ 09 02ｨｦ 0708ｨｨｨｪｨ ｨｨｨｰ ｨ ｨｬ06ｨｪ06ｨ 0805ｨｪ ｨｨ 4 ｨｬｨｮ05ｨｹｨｰｨｨｨ 0805ｨｪ ｨｬｨ 00ｨ 04ｨｨｨｪｨ, ｨ 06ｨｴｨｨ01 ｨ 0805ｨｪ0104 Givenvhy, Max Mara, Kenzo ｨｨ 0108., ｨ ｨｬ0208ｨｪ ｨ ｨｨｨｨ Articoli, ｨｰ0608ｨ ｨｪ04, ｨ 07ｨｰ02 ﾂｨｪ04ｨｦ ｨｨ ｨｬ02ｨ 0205ｨｹｨｪ04ｨｦ ｨ ｨｮｨｰｨｨｨｺｨｨ. 0806ｨｬ07ｨ ｨｪｨｨ07 ｪ 0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ02ｨｨ06ｨｪ ｨｦ 0106ｨｬ ｰ03, 0002ｨｪ0208ｨ 05ｨｹｨｪ ｨ 0802ｨｪ01ｨ ｨｰ0608ｨ ｨｰ ｨｪｨｰ08ｨ ｨｴｨ 01ｨｹ06 70 ｨｰ0409. ｨｬ 2 (090408ｨｮ ﾂｨｺｨ ｪ 06ｨｺ ,4 ｨｬ ｨｮｨ.). 0005ｨ ｨｹ0202ｨｬ ｨｺ06ｨｪｨｰ080605ｨｹｨｪ06ｨｦ ｨｨ Bosco di Ciliedgi ｨｰ ｨ ｨｰ0205ｨｹ 0202 ｨｪｨ ｨ ｨ ｨｰ0205ｨｹｨｪ ｨｰｨ 00ｨｨ01ｨ ｨｨ05 08ｨｮ09ｨｪｨｨ080609ｨｨ ﾂ. 02ｨ ｨｰ Bosco di Ciliedgi ｨｪ02 08ｨ ｨ 03ｨ 02ｨｰ0907, ｨｪ06 03ｨｮ08ｨｪｨ 05 Forbes ｨｪｨｨ ｨｬ05ｨｪ ｨ ｨｨ 09ｨｺ0506 ﾂｨｨ ｨｨ0906ｨｺ 100 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ﾂｨ 09ｨｰｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨｨｨ ｨｰｨ ｨｰ02 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 08ｨ ｨ 06ｨｰｨ 06ｨｰ ｨ ﾂ ｨｺ ｨｨ00ｨｨｨｺｨ 05ｨｰ ｨｪ-08ｨｨｨｰ02ｨｦ050208ｨ, ｨｰ060800ｨｮ06ｨｴ ｨｪ0609ｨｪ06ｨｬ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06ｨｦ ｨｨｨｰｨ 05ｨｹ07ｨｪ09ｨｺ06ｨｦ ｨｦ, ｨｰ06ｨｨｨｰ 09 ｨｰ06ｨｬ, ﾂｨｰ06 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｮ ﾂｨ 09ｨｰ09ｨｮ02ｨｰ ｨｨ0302ｨｪｨｨｨｨ ｨｨｨｬ070608ｨｰｨｨ08ｨｮ02ｨｬ0401 ｨ 0805ｨｪ010609, ｨｪ06 ｨｨ ｨｨ00ｨ 02ｨｰ ｨｦ 0906ｨ 09ｨｰ0902ｨｪｨｪ04ｨｦ 08ｨｨｨｰ02ｨｦ ｨｺｨｨｨｦ ｨ 0805ｨｪ01: Bosco di Ciliegi. 0308ｨｨ 05ｨｰ06ｨｬ 0609ｨｪ0609ｨｪ06ｨｦ 0006ｨｺｨｮ09 08ｨ 0409ｨｨｨｰｨｨ07 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｪ ｨｰ ｨ 0805ｨｪ ｨｪ02ｨｦ 0202ｨｪ060906ｨｦ ｨｺｨ ｨｰ ｨｨｨｨ ｪ ｨｪｨ 0708ｨｨｨｬ0208, Max Mara ｨｨ05ｨｨ Kenzo. 06ｨ ｨｺｨ ｨｨｨｰｨｨｨｺｨ 06ｨ ｨｲ0709ｨｪ0702ｨｰ ｨｪｨｨｨｬｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨ07ｨｬｨｨ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ ｨｪ-0804ｨｪｨｺ02, ｨ ｨｨｨｬ02ｨｪｨｪ06 ｨｰ0802ｨｪ0106ｨｬ 09 09ｨｰ060806ｨｪｨｮ 0706ｨｪｨｨ0302ｨｪｨｨ ｨｪ02ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 0706ｨｺｨｮ07ｨｺｨｨ: 0706ｨｺｨｮ07ｨ ｨｰ0205ｨｹ ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ 06ｨ 08ｨ ｨｴｨ ｨｰｨｹ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨｰ0609ｨ 0804, ｨｺ06ｨｰ ｨｨｨｬ0206ｨｰ ｨ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｰｨｪ060302ｨｪｨｨ ｨｪ04 ｨｨ ｨｺｨ ﾂ0209ｨｰ09ｨ. 05ｨｰ08ｨ ｨｰ0200ｨｨ07 ｨｰ ｨｦ 05ｨｺ0907ｨ ｨｪ09ｨｨｨｨ, 0609ｨｪ0609ｨ ｨｪｨｪｨ 07 ｨｪｨ ｨｰｨｨ03ｨｪ06ｨｬ 08ｨ ｨｪｨｨｨｨ ｨｰ ｨｰ06 ﾂ02ｨｺ, ｨｮ ｨ ｨｰ ｨｺｨｨｨｬ 03ｨ 0909ｨ 0302ｨｬ03 ( ) ｨｨ05ｨ 09ｨｹ 0907ｨｮ09ｨｰ07 ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ ｨ ｨｬｨ 00ｨ 04ｨｨｨｪ0609 Bosco di Ciliegi 08ｨ 04ｨｬ0209ｨｰｨｨ05ｨ ｨｰ08ｨｨ 09ｨ 0506ｨｪｨ ｨｪｨ ｨｪ01ｨ 08ｨｪ06ｨｬ ｨｬ0209ｨｰ02 ｪ 200-ｨｦ 0902ｨｺ02ｨｨｨｨ ｨ, 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｦ 08ｨ ｨｪ ｨｨ03ｨｹ ｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｨ ﾂ0502ｨｪ ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ09ｨ ｨｰ ｨｬ ｨｬｨｨ080609ｨ ｨ 09ｨｪ04ｨｦ 0708ｨｨｨｪ02ｨｨ07 08ｨ ｨ 06ｨｰ04 00ｨ ｨｨ Bosco di Ciliegi ｪ 0608ｨｨ02ｨｪｨｰｨ 02ｨｨ07 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪｨ ｨｺｨｰｨ ｨ 0205ｨｹｨｪ ｨｬ02ｨｦｨｪ ｨｪｨｪ0609ｨｰｨｨ. 0805ｨｨ02ｨｪｨｰ 00ｨ ｨｨ ｪ 0106ｨ ﾂｨｪｨ 07, 06ｨ ﾂ02ｨｪｨｪｨ ｨｬｨｹ07, ｨｺ06ｨｰ06-101