I know there was some discussion on the board about LV outsourcing to India. This article was in Forbes: http://www.forbes.com/markets/feeds/afx/2007/03/30/afx3567474.html LVMH wants to buy minority stake in Indian leather-maker - Louis Vuitton CEO 03.30.07, 8:51 AM ET NEW DELHI (AFX) - LVMH's luxury goods unit wants to buy a minority stake in an Indian leather-goods manufacturer, Louis Vuitton Malletier CEO Yves Carcelle said, without excluding the possibility that LVMH might one day offshore some product manufacturing to India. 'We have had discussions with Indian company Hi Design in Pondicherry (Southern India),' he said. 'If all goes to plan, LVMH will own a minority stake in the leather-maker,' Carcelle told journalists, without specifying a timeframe. He denied that the move signalled an outsourcing of the French giant's manufacturing to India. 'We do not intend to manufacture Louis Vuitton bags in India,' he said, 'but we don't know what will happen in the future and are not ruling out the possibility that one day we will do some parts manufacturing here.' For example he said, 'there is an increasing scarcity of couture craftsmen in Italy. Also, LVMH already sources fabrics and embroidery from India.' Carcelle was talking on the sidelines of a luxury goods conference in New Dehli. email@example.com gp/ic COPYRIGHT Copyright AFX News Limited 2007. All rights reserved.