Here’s a great excuse to take a plunge on that snappy Luis Vuitton clutch you’ve been trying to resist – it’s collateral.
At least, it is in Hong Kong, where Yes Lady Finance Co has been accepting beloved bags for four years now in exchange for 80 per cent of their value.
The purse has to be from Chanel, Gucci, Hermes or Vuitton, but cover that base and you can swap it for cash within 30 minutes.
Assessors from Milan Station Holdings check it for authenticity, according to a report in the Wall Street Journal.
Once the deal’s signed off, you can start working on getting it back by repaying the loan which charges 4 per cent monthly for four months.
The chain has around 200 licensed dealerships in Hong Kong.
Milan Station’s prospectus reveals luxury handbag revenue in Hong Kong would reach about $4 billion by next year.
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