From: jeffrey E. <[email protected]> Sent: Saturday, September 13, 2014 10:26 AM To: G Sera Subject: Re: LOW priority - Alibaba thanks, see you soon On Sat, Sep 13, 2014 at 2:50 AM, G Sera > wrote: Dear Jeff, Since you asked me about China on the last ca=l, here's a quick update. Confirming as 2 weeks ag= that China seems cooling. Alibaba (that has a lot of ti=s with fashion world) is now pushing to quickly complete all IPO step= as they are increasingly worried about next 2-3 years. It seems like the =overnment will be targeting lower real growth (close to zero after re=l inflation). Fashion was hit first for anti corruption but now not seeing=growth. Ferragamo and Zegna started discounting aggressively this past sea=on. The 2 companies can do financial window dressing this past quarte= and can for another 1-2, then cannot hide it anymore. Prada studying on shifting production to Europe with Euro dropping and quality problems=rising costs in china. Thank you G please note The=information contained in this communication is confidential, may be att=rney-client privileged, may constitute inside information, and is inten=ed only for the use of the addressee. It is the property of JEE U=authorized use, disclosure or copying of this communication or any part=thereof is strictly prohibited and may be unlawful. If you have receive= this communication in error, please notify us immediately by return=e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and al= copies thereof, including all attachments. copyright -all rights reser=ed EFTA_R1_01768978 EFTA02588128