A Hong Kong firm has launched a series of television commercials offering personal loans in exchange for ladies' luxury handbags.
Yes Lady Finance will pay cash-strapped socialites up to 70 percent of the bag's value with 28 percent annualised interest.
A Louis Vuitton handbag valued at 2,600 US dollars in the second-hand market would fetch a 1,800 dollar three-month loan, but owners would lose the bags if they failed to settle the debt on time.
"It is a good fund-raising option for some tai-tais," company co-founder Wallace Tung was quoted as saying, referring to a slang term for the wives of wealthy Hong Kong businessmen. "They may not want to sell their handbags, which may be a gift from husbands and mean a lot to them." The southern Chinese city has a thriving second-hand luxury bag market.
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