V. Text Study

Chart 3.1. Lowest of the low

It will take another 60 years before there is equality between the sexes in British business (and 200 to achieve the same in Parliament), the commission cal­culates. Progress, it moans, is "painfully slow and at risk of going into reverse". It's still hard to be a woman.

Comprehension.

Refer closely to the article and answer the questions:

1. How many women were enlisted in the round-up of Britain’s wealthiest people in 2007?

2. How has the situation changed since 1997?

3. What does the Centre for Economics and Business Research predict to female millionaires?

4. What are the reasons for such perspective?

5. What are the historical sources of the women’s wealth?

6. What are the modern sources of women’s riches?

7. How many women derive their wealth due to divorce?

8. What woman tops the Rich List?

9. Is there any evidence of seriously rich female entrepreneurs coming in huge numbers?

10. What is the ratio of male senior managers to female ones?

11. What are the probable reasons of decrease of the quantity of female senior manages in the previous years?

12. What is the situation with women at the bottom?

13. When the equality between sexes in British business is possible?

14. How long may it take to achieve the same in Parliament?

V. Text Study

1. Before you read the article, make sure you know the following words and phrases, give their Russian equivalents:

crust, contingent, to dominate the world market, luxury goods, to pop up, brand, to glitter, prestigious label, chandelier, contender, fancy, to take off, to sprout, to come to the fore, to be trumped by, footwear, to wipe out, flair, eminence, blind tasting, bulk of the business, annual productivity growth, margin, to slip, offshoring, low-wage countries, expatriate, underbelly, inward-looking, self-employed people, to venture, counter-productive, clientele, payroll, foster, tax break, to launch a firm, executive, to deter from, red tape, to fold

2. Read the article from “the Economist”, define its main idea.

The chic and the cheerless [2]

Below a shiny crust of top companies, business in France is in a sorry state

THE number of millionaires in South Korea, India, Russia and South Africa is rising at 15-21% a year. According to cal­culations by Merrill Lynch, an investment bank, the Asia Pacific area already has 2.4m millionaires, compared with 2.8m in Europe and 2.9m in America. Soon China will be producing its own contingent, in addition to those in Hong Kong. That is of considerable interest to France. Consul­tants at McKinsey calculate that with the number of super-rich worldwide growing by 8% a year, annual sales of French luxury goods could double to €42 billion over the next ten years.

France dominates the world market for luxury goods, with a share of 36%. Wher­ever the rich or super-rich pop up, they seem to want French luxury brands such as Cartier, Chanel, Hermès, Hennessy, Louis Vuitton and Moët et Chandon. Most other countries can only envy that glitter­ing range. America has got Tiffany and not much else; Switzerland has Rolex and other expensive watches; Germany has Porsche. Only Italy offers much compe­tition, with labels such as Armani, Bulgari, Gucci and Prada. But France's dominance goes far beyond perfumes, champagne and crystal chandeliers; just think of Das­sault Falcon private jets, Catana yachts and the deluxe hotels of the Côte d'Azur. France has a leading contender in every segment of the luxury market.

Now, however, the prestigious French labels face new competition. Except for Longchamp, a fancy leather-goods com­pany that started in 1948 and took off in the 1980s, most of France's luxury firms have been around for a long time. Still, they are doing well in new markets. Louis Vuitton, for instance, which is famous for its monogrammed luggage, has opened a dozen shops in ten Chinese cities since 1992.

In recent years, though, Italy has sprouted new luxury-goods firms to chal­lenge France, such as Tod's and Dolce & Gabbana. In the category of affordable luxury, newcomers such as Paul Smith, a British menswear company, and Hugo Boss in Germany have come to the fore. Hugo Boss claims that one suit in six in the €700 range has its name sewn into the jacket. It has widened its product range and is particularly strong in the male-per­fume business. It does not trade on being "made in Germany", whereas for luxury goods from France their Frenchness is part of the essence of the brand.

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