#Luxury Brand #Retail Stocks –Better Than Expected Earnings from Hermes (Paris: $RMS.PA) Boost Sector
Luxury Retail Stocks - Hermes (Paris: $RMS.PA), Coach (NYSE: $COH), Tiffany (NYSE: $TIF), Reign Sapphire (OTCQB: $RGNP)
Point Roberts, WA,–November 4, 2016 – Investorideas.com, a global news source and investor resource issues an update on the luxury brand stock sector as Hermes (Paris: RMS.PA) sets the stage for a rebound in the sector.
Paris, 3 November 2016
Hermes (Paris: RMS.PA) - At the end of September 2016, the Group's consolidated revenues amounted to €3 697 million, up 8% at constant exchange rates. At current exchange rates, growth was 7%. The Group's stores posted a solid increase in sales (+9 % at constant exchange rates), in all the regions.
Growth was sustained in the third quarter (+9% at constant exchange rates and +10% at current exchange rates).
Sales by region at the end of September
(at constant exchange rates, unless otherwise indicated)
At the end of September 2016, revenues rose in all regions worldwide:
Japan (+9%) achieved a remarkable performance thanks to its selective distribution network, despite the strengthening of the yen.
Asia excluding Japan (+8%) continued its dynamic growth path and gained from store openings at Hong Kong Airport and in Macao, after the May opening of Liat Towers in Singapore. In continental China, the rise in sales continued, even though the context remained challenging in Hong Kong and Macao.
America (+8%), which benefits from last year's extensions and renovations, is developing in a still uncertain context. The new boutique in Rio de Janeiro, the second in Brazil, opened in July.
Europe (+7%) posted growth, performing well in the Group's stores which confirm their resistance, despite the impact of recent events, particularly in France.
Sales by sector at the end of September
(at constant exchange rates, unless otherwise indicated)
In a more adverse context, growth over the first nine months of the year was driven by the success of Leather Goods and Saddlery which confirmed its role as the mainstay of the Group.
Growth in Leather Goods and Saddlery (+16%) was solid, thanks to the success of the collections and the diversity of models, in particular the bags Constance, Halzan and Lindy, together with Birkin and Kelly. The development was supported by the sustained pace of deliveries and production, which gained from the capacities of the three new sites in Charente, Isère and Franche-Comté. Investments for a third site in this latter region continue.
The Ready-to-wear and Accessories division (-1%) was down slightly. Its development is particularly driven by the success of the latest women's ready-to-wear collections and shoes.
The Silk and Textiles business line (-6%) was penalized by the events in France and by slowing sales in Greater China and America.
The Perfumes division (+6%) posted an increase, driven by the success of Terre d’Hermès, the launch of Galop d’Hermès, and by the latest creations such as the Colognes, Eau de néroli doré and Eau de rhubarbe écarlate.
Watches division (+1%) is penalized by a still challenging market.
Other Hermès business lines (+1%), which encompass Jewellery, Art of Living and Hermès Table Arts, are stable, after strong growth in the 3rd quarter.
According to a recent article in the DailyMail – “the luxury goods sector is trading on an average price to earnings ratio of 19.6 times against 18.9 times at the end of September and 17.7 times at the beginning of the year, according to Bernstein.
Chinese customers, the biggest buyers of luxury goods who make up more than a third of global demand, have been re-opening their wallets, luxury groups said, spurred in part by government policies encouraging local consumption.
"The driving trend is that the Chinese customer is slowly coming back," Makiko Zuercher, who manages the 22-million euro Dynapartners Luxury Brands Fund, said”
#Source - http://www.dailymail.co.uk/wires/reuters/article-3902144/Strong-Hermes-sales-confirm-China-fuelled-luxury-revival.html
Luxury Retail Brands Stocks
Reign Sapphire Corporation (OTCQB: RGNP) Based in Beverly Hills, California, Reign Sapphire Corporation, a fully reporting, DTC eligible company, is the first mine-gate to customer jewelry company to sell branded Australian Sapphire jewelry direct to consumers, and the first US based jewelry company to exclusively market jewelry products featuring a specifically colored gemstone - in this case branded Australian Sapphire. The Reign Philosophy is to disrupt the market offering of traditional jewelry with design innovation and use of social and digital media networks. Retail Website: www.reignsapphires.com Corporate Website: www.reignsc.com
BMW (Xetra:BMW.DE) together with its subsidiaries, engages in the development, manufacture, and sale of cars and motorcycles worldwide. The company operates through Automotive, Motorcycles, and Financial Services segments. The Automotive segment is involved in developing, manufacturing, assembling, and selling cars and off-road vehicles under the BMW, MINI, and Rolls-Royce brands, as well as provides spare parts and accessories. This segment sells its products through independent and authorized dealers. The Motorcycles segment develops, manufactures, assembles, and sells motorcycles under the brand name of BMW Motorrad, as well as offers spare parts and accessories. The Financial Services segment engages in car leasing, fleet business, multi-brand business, retail customer and dealer financing, customer deposit business, and insurance activities.
Burberry Group plc (LSE:BRBY.L) designs, makes, sources and sells products under the Burberry brand. Product design and development are centred in Burberry’s London headquarters. Fabrics and other materials are bought from, and finished products manufactured at, both Company-owned facilities in the UK and through an external supplier network, predominantly located in Europe. Creative and marketing content and programmes are developed internally to engage and connect the brand and its products with consumers. Burberry products are sold globally through its stores and Burberry.com, as well as through third-party wholesale customers, both offline and online. In a few selected areas, Burberry uses the product and distribution expertise of licensing partners to develop the business.
Christian Dior (Paris:CDI.PA) has six principal product lines: Christian Dior Couture, marketed under the Christian Dior brand; Wines and Spirits, including the Moet & Chandon, Veuve Clicquot, Hennessy and Dom Perignon brands, among others; Fashion and Leather Goods, comprising the Louis Vuitton, Fendi, Marc Jacobs and Kenzo brands, among others; Perfumes and Cosmetics, including the Guerlain, Givenchy and Christian Dior brands, among others; Watches and Jewelry, comprising the TAG Heuer, Chaumet and Zenith brands and others, and Selective Retailing, such as the Sephora, DFS and Le Bon Marche brands, among others. The Company distributes its products through the Company-owned shops and licensed distributors in Europe, the United States, Japan and Asia Pacific.
Coach, Inc. (NYSE:COH) is a leading New York design house of modern luxury accessories and lifestyle brands. The Coach brand was established in New York City in 1941, and has a rich heritage of pairing exceptional leathers and materials with innovative design. Coach is sold worldwide through Coach stores, select department stores and specialty stores, and through Coach’s website. In 2015, Coach acquired Stuart Weitzman, a global leader in designer footwear, sold in more than 70 countries and through its website
Elizabeth Arden (NasdaqGS:RDEN) is a global prestige beauty products company with an extensive portfolio of prestige beauty brands sold in over 120 countries. The Company's brand portfolio includes Elizabeth Arden skin care, color and fragrance products; its professional skin care line, Elizabeth Arden PRO; the celebrity fragrance brands of Justin Bieber, Mariah Carey, Nicki Minaj and Taylor Swift; the designer fragrance brands of Juicy Couture, John Varvatos and Wildfox Couture; and the heritage fragrance brands of Alfred Sung, Britney Spears, Curve, BCBGMAXAZRIA, Elizabeth Taylor, Geoffrey Beene, Giorgio Beverly Hills, Halston, Ed Hardy, Jennifer Aniston, Lucky Brand, Rocawear, PS Fine Cologne and White Shoulders.
Estee Lauder (NYSE:EL) is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in over 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M•A•C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, GoodSkin Labs, Tom Ford, Ojon, Smashbox, Ermenegildo Zegna, AERIN, Osiao, Marni, Tory Burch, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle and GLAMGLOW.
Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design company and manufacturer and retailer of quality home furnishings. The company offers complimentary interior design service to its clients and sells a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad. Ethan Allen owns and operates nine manufacturing facilities, which include six manufacturing plants and one sawmill in the United States plus one plant each in Mexico and Honduras. Approximately seventy percent of its products are made in its North American plants.
Ferrari N.V. (NYSE: RACE) is among the world's leading luxury brands focused on the design, engineering, production and sale of the world's most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 224 Grand Prix races, 16 Constructor World titles and 15 Drivers' World titles, including most recently the Constructor World title in 2008. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.
Hermes (Paris: RMS.PA) engages in the production, and retail and wholesale distribution of consumer goods worldwide. The company offers silk and textiles, and ready-to-wear garments for men and women; leather goods and saddlery, such as bags for men and women, clutches, briefcases, luggage, small leather goods, diaries and writing objects, saddles, bridles, equestrian products, and clothing; accessories, including jewelry in leather, enamel, metal, horn and wood, men’s jewelry, belts, gloves, and hats; art of living products comprising furniture and lighting, furnishing fabrics and wallpapers, decorative objects, and tableware; jewelry and jewelry accessories; perfumes and fragrances; watches; and tableware. It also engages in the purchase, tanning, dyeing, and finishing of skins; and weaving, engraving, printing, dyeing, and finishing of textiles. The company sells its products through a network of 311 retail stores. In addition, it sells watches, perfumes, and tableware through networks of specialized stores and in airport duty-free stores.
Hugo Boss (XETRA:BOSS.DE)is one of the market leaders in the premium and luxury segment of the global apparel market. It focuses on developing and marketing of premium fashion and accessories for men and women. Headquartered in Metzingen, it is one of the most profitable listed apparel manufacturers in the world. The fascinating brand world of HUGO BOSS comprises the collections of BOSS, BOSS Orange, BOSS Green and HUGO. The brands cover a comprehensive product range encompassing classic to modern apparel, elegant eveningwear, sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children’s fashion, home textiles and mobile accessories.
Jimmy Choo (LSE:CHOO.L) Since the opening of its first store in London in 1996, Jimmy Choo has grown to become a leading luxury shoe specialist. Jimmy Choo has a unique, powerful brand which is globally recognised.
Kate Spade (NYSE:KATE) designs and markets accessories and apparel principally under two global, multichannel lifestyle brands: kate spade new york and Jack Spade. With collections spanning demographics, genders and geographies, the brands are intended to accent customers' interesting lives and inspire adventure at each turn. The Company also owns the Adelington Design Group, a private brand jewelry design and development group that markets brands through department stores and serves jcpenney via exclusive supplier agreements for the Liz Claiborne and Monet jewelry lines. The Company also has a license for the Liz Claiborne New York brand, available at QVC, and Lizwear, which is distributed through the club store channel.
Kering Holland (Paris:KER.PA) is a world leader in apparel and accessories, which develops an ensemble of powerful brands. Focused on a single business, we design, manufacture and market desirable products across two fast growing segments-Luxury: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Sergio Rossi, Boucheron, Dodo, Girard-Perregaux, JEANRICHARD, Pomellato, Qeelin and Ulysse Nardin, Sport & Lifestyle: Puma, Volcom, Cobra, Electric and Tretorn. Our brands are complementary and all enjoy strong potential for organic growth. They have global recognition, are deep rooted and true to their distinctive values.
L’Oreal SA (Paris:OR.PA) is a holding company. The Company has a role of strategic coordination and of scientific, industrial and marketing coordination of the L'Oreal Group (Group) on a global basis. The Group creates and develops cosmetic products. The Company's Cosmetics branch is organized into four operating divisions. Professional Products division offers beauty products used and sold in hair salons. Consumer Products division offers products sold in mass-market retail channels. L'Oreal Luxe division offers products sold in selective retail outlets, i.e. department stores, perfumeries, travel retail, the Group's own boutiques and certain online sites. Active Cosmetics division offers products for borderline complexions. The Company's Body Shop branch offers naturally inspired cosmetics and toiletry products.
Luxottica Group (NYSE:LUX) is a leader in premium fashion, luxury and sports eyewear, with a global wholesale network involving 130 different countries, over 7,000 optical and sun retail stores in North America, Latin America, Asia-Pacific, China, South Africa and Europe and a strong, well-balanced brand portfolio. The Group's products are designed and manufactured at its six manufacturing plants in Italy, three wholly owned plants in the People’s Republic of China, one plant in Brazil and one plant in the United States devoted to the production of sports eyewear.
LVMH Moet Hennessy Louis Vuitton (Paris:MC.PA; OTC:LVMUY) operates as a luxury products company worldwide. The company operates through six segments: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, Selective Retailing, and Other Activities and Holding Companies. Its wines and spirits comprise champagne, sparkling and still wines, cognac, scotch whisky, white spirits, and other wines under the Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Mercier, Ruinart, Château dYquem, Château Cheval Blanc, Hennessy, Glenmorangie, Ardbeg, Belvedere, Chandon, Cloudy Bay, Cape Mentelle, Newton Vineyard, Terrazas de los Andes, Cheval des Andes, Numanthia, and Wenjun brands. The company also offers trunks, leather goods, men’s and women’s ready-to-wear, shoes, watches, jewelry, sunglasses, books, silk accessories and fragrances, haute couture, and gifts; shirts, ties, and accessories for men; and children’s wear and accessories under the Louis Vuitton, Céline, Berluti, Kenzo, Givenchy, Marc Jacobs, Fendi, Emilio Pucci, Thomas Pink, Donna Karan, Loro Piana, and Nicholas Kirkwood brands, as well as operates an editorial Website. In addition, it provides fragrance, make-up, skincare, candle, cologne, home collection, and beauty care products under the Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Benefit, Fresh, Make Up For Ever, Acqua di Parma, Parfums Loewe, Fendi Parfums, and Nude brands. Further, the company offers watches and chronographs, and jewelry under the TAG Heuer, Zenith, Hublot, Chaumet, Bulgari, De Beers, and Fred brands. Additionally, it operates travel and beauty products retail stores; retail stores for luxury products on cruise ship; and department stores under the brands of DFS, Starboard Cruise Services, Sephora, and Le Bon Marché Rive Gauche. The company also operates yachts and attraction parks, as well as provides media services.
Marriott (NYSE:MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 81 countries and territories. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands.
Michael Kors Holdings Limited (NYSE:KORS) is a world-renowned, award-winning designer of luxury accessories and ready-to-wear. His namesake company, established in 1981, currently produces a range of products through his Michael Kors and MICHAEL Michael Kors labels, including accessories, footwear, watches, jewelry, men’s and women’s ready-to-wear and a full line of fragrance products. Michael Kors stores are operated, either directly or through licensing partners, in some of the most prestigious cities in the world, including New York, Beverly Hills, Chicago, London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and Hong Kong.
Moncler SpA (Milan: MONC.MI) is an Italy-based company engaged in fashion industry. The Company designs, produces and distributes clothing and accessories through Moncler brand. Moncler SpA manufactures collections for women, men and children. The Company offers mainly sportswear, outerwear, knitwear and skiwear, including jackets, shoes, sweaters, trousers, bags, shirts, tops, gloves, hats and sunglasses, among others. Moncler SpA trades its products through retail stores, as well as through the wholesale distribution channel. Moncler SpA operates in approximately 66 countries, including Austria, France, Germany, Switzerland, Turkey, China, Hong Kong, Japan, Taiwan and the United States, among others. Moncler’s goal is to pursue the sustainable and responsible development of the brand in the luxury goods segment throughout the world, in harmony and in line with the uniqueness of its heritage.
Nordstrom (NYSE:JWN) is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle , today Nordstrom operates 304 stores in 38 states and Canada . Customers are served at 118 Nordstrom stores in the U.S. and Canada; 178 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Nordstrom also serves customers online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses.
Prada Group (Hong Kong: 1913.HK) The Prada brand is part of the Prada Group, a global powerhouse in the luxury goods market, as well as a business icon. The group’s business model, capable of combining industrialized processes with sophisticated workmanship, top quality and the level of detail characteristic of craft production, set a world precedent. The Prada group also includes: Miu Miu - Miuccia Prada’s “other soul” - a brand with a strong personality and as provocative and sophisticated as it is cool-headed and cutting-edge; Church’s, a high-end men’s footwear manufacturer established in the British town of Northampton in 1873; and Car Shoe, inventor of the original driving moccasin with uppers perforated with rubber studs, patented in 1963. Moreover, in 2014, Prada acquires the 80% of Angelo Marchesi srl, the owners of the historic Milanese pastry shop founded in 1824. The luxury group now produces men’s and women’s leather goods, clothing and footwear, combining contemporary, cutting-edge sophistication with one-of-a-kind, sublimely-crafted products. Prada also operates in the eyewear, fragrance, mobile phone sectors and confectionery.
PVH Corp. (NYSE:PVH) one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, and Ike Behar
Ralph Lauren (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 48 years, Ralph Lauren’s reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names—which include Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection, Ralph Lauren Black Label, Lauren Ralph Lauren, RRL, RLX, Polo Sport, Polo Ralph Lauren Children’s, Denim & Supply Ralph Lauren, Chaps and Club Monaco—are among the most widely recognized consumer brands worldwide.
Reign Sapphire Corporation (OTCQB: RGNP) Based in Beverly Hills, California, Reign Sapphire Corporation, a fully reporting, DTC eligible company, is the first mine-gate to customer jewelry company to sell branded Australian Sapphire jewelry direct to consumers, and the first US based jewelry company to exclusively market jewelry products featuring a specifically colored gemstone - in this case branded Australian Sapphire. The Reign Philosophy is to disrupt the market offering of traditional jewelry with design innovation and use of social and digital media networks. www.reignsapphires.com
Salvatore Ferragamo SpA (Milan: SFER.MI) is the parent Company of the Salvatore Ferragamo Group, one of the world's leaders in the luxury industry and whose origins date back to 1927. The Group is active in the creation, production and sale of shoes, leather goods, apparel, silk products and other accessories, along with women's and men's fragrances. The Group's product offer also includes eyewear and watches, manufactured by licensees. The uniqueness and exclusivity of our creations, along with the perfect blend of style, creativity and innovation enriched by the quality and superior craftsmanship of the 'Made in Italy' tradition, have always been the hallmarks of the Group's products. With approximately 4,000 employees and a network over 660 mono-brand stores as of 30 June 2016, the Ferragamo Group operates in Italy and worldwide through companies that allow it to be a leader in the European, American and Asian markets.
Shangri-La Hotels (Hong Kong:0069.HK) Inspired by the legendary land featured in James Hilton's 1933 novel, Lost Horizon, the name Shangri-La encapsulates the serenity and service for which our hotels and resorts are renowned worldwide. Today, Hong Kong-based Shangri-La Hotels and Resorts is Asia Pacific's leading luxury hotel group. We are also regarded as one of the world’s finest hotel ownership and management companies. Owning and/or managing over 90 hotels and resorts throughout Asia Pacific, North America, the Middle East, and Europe, the Shangri-La group has a room inventory of over 38,000. In addition, new hotels are under development in Mainland China, Cambodia, Hong Kong, India, Myanmar, Philippines, Qatar and Sri Lanka. Shangri-La Hotels are five-star luxury hotels located in premier city addresses across Asia Pacific, North America, the Middle East, and Europe.
Tiffany & Co. (NYSE:TIF) is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations.
VF Corp. (NYSE:VFC) is a global leader in the design, manufacture, marketing and distribution of branded lifestyle apparel, footwear and accessories. The company’s diversified portfolio of powerful brands spans numerous geographies, product categories, consumer demographics and sales channels, giving VF a unique industry position and the ability to create sustainable, long-term growth for our customers and shareholders. The company’s largest brands are The North Face®, Vans®, Timberland®, Wrangler®, Lee® and Nautica®.
Williams-Sonoma Inc. (NYSE:WSM) is a specialty retailer of high-quality products for the home. These products, representing eight distinct merchandise strategies – Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation, and Mark and Graham – are marketed through e commerce websites, direct mail catalogs and 626 stores. Williams-Sonoma, Inc. currently operates in the United States, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East and the Philippines and stores and e-commerce websites in Mexico.
Read this release in full at http://www.investorideas.com/news/2016/luxury-brand/11041RMS.asp
About Investorideas.com - News that Inspires Big Ideas
Sectors we cover in include mining, energy, renewable energy, water stocks, food and beverage (including organic and LOHAS, wine), defense and security, biotech, technology and mobile. We have also expanded our global coverage to include Latin American stocks, the Middle East, sports and entertainment.
Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas
Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas
Follow stocks in your favourite stock sector with Investor Ideas stock directories
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp Disclosure: Reign Sapphire Corporation (OTCQB: RGNP) is a paid client effective September 28, 2016 for news publication and social media: two thousand five hundred.
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.