There May Be an Upside to Falling Dow
BEVERLY HILLS, Calif. (AP) _ Your stock portfolio may have taken bath this week, but look at the bright side.
Now you can get a bargain, relatively, on that luxurious coat at Somper Fur Couture International on Rodeo Drive.
If stock prices drop further, the coat will get even cheaper.
The pricetag on the Russian Belly Lynx full-length coat of the whitest skins, a one-of-a-kind creation by Christian Dior, is 100 times the Dow Jones industrial average.
Tuesday’s drop of 91.55 in the Dow average reduced the price of the coat by $9,155, the lowest it’s been since it went on sale Sept. 22.
Wednesday’s modest gain of 2.45 in the Dow raised the price only $245.
That’s still a bit expensive for most pocketbooks at $255,108 as of the close of business Wednesday.
Somper, the nation’s largest independent furrier in the second-largest fur market after New York, next month celebrates its 50th anniversary catering to the pampered wealthy.
The store’s clientele is a Who’s Who of celebrities, including Cathy McCarthy, Jane Seymour, Mary Ann Mobley, Victoria Principal and Kenny Rogers.
In the past two weeks, Somper’s owner, Edd Jacobs, has received a number of telexes and phone calls from prospective buyers in Beverly Hills, Dallas, New York, Europe and Japan seeking ″special furs,″ said spokeswoman Lois Roslin.
But the Belly Lynx was suggested only to a few of those. Only one, a man from Dallas, came in to see it.
″He was thinking of buying it for his girlfriend, but he decided to get her a Corniche instead,″ Ms. Roslin said.
A basic 1988 Rolls-Royce Corniche costs $183,500, according to Rolls-Royce of Beverly Hills Ltd. With a cocktail bar and fold-down trays, the price goes up to $191,000.
Ms. Roslin declined to identify the Texan.
As for the high cost of the coat, Ms. Roslin said, ″For a fur of this quality, $250,000 to $260,000 is not at all out of line.″
The thing is, she noted, there aren’t many furs around of that quality. ″Maybe five or six in the nation in this price range,″ she said.
The coat - which is kept locked in a vault, not on a mannequin in the store window - will be modeled publicly for the first time Oct. 16 through 18 at Somper’s annual fashion show, which is expected to attract about 2,000 people.