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CASH AND CARRY

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THE gaggle of shoppers milling about the Hermes boutique in The Galleria dropped the silk scarves and delicate key-rings they were inspecting when they saw what was happening outside. There it was, the God of accessories, the king of status symbols. It was the Kelly bag, close enough to be touched and, as far as the Japanese were concerned, big enough to be photographed. It was a specially made, two- by 1.2-metre Kelly bag, flown in from Paris for a unique leather exhibition which opened yesterday (November 11) and will continue until Wednesday at the Convention and Exhibition Centre. It is an oversized tribute to what must be one of the most cachet-laden accessories of all time.

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That anyone can make such a fuss over a handbag is remarkable - even by Hong Kong standards. But, as any Kelly-owner will point out, this is no ordinary bag. It is bought by precious few, cherished by them always and lovingly passed on to the next generation of fashion-conscious daughters. It is ordered only after lengthy financial weighing-up and borne home in hushed reverence. Its by-now familiar and much-copied shape, with neat little padlock and dangling, leather-encased key, has taken its place in the exalted rank of enduring fashion icons. Buy a Kelly and you will never have to worry about handbags again.

'It took me three years to get mine,' says one proud owner. 'It was my birthday and my husband surprised me - with two of them!' The marketing manager of Hermes in Hong Kong, Pierre-Alexis Dumas, who is also a member of the famous leather-manufacturing family, reveals that about 400 Kelly bags are sold every year in The Galleria boutique alone. 'We could sell more but we just can't get them,' he adds.

Kelly bags are not for everyone. Impeccable taste is one criterion; an inflated bank balance is another. The basic courcheval-leather model starts at $20,000 with prices gradually escalating until the summit of Kelly-bag elan is reached in the form of the scaly, crocodile-skin model, retailing locally for $85,000. If you can get it. 'There's a long waiting-list,' says Dumas. 'If you require a Kelly bag in crocodile skin, you will have to wait until we can find exactly the right piece of skin. Clients get frustrated but are happy with the end result.' The bag was named after Hollywood's late princess, Grace Kelly, who famously used hers to hide from the paparazzi while she was being courted by Prince Rainier of Monaco in the late 50s. Although Hermes had been producing the bags since 1935, they became the ultimate must-have accessory after Kelly was photographed with one on the cover of LIFE in 1959. Just ask Hong Kong's glamour girls, unofficially christened 'the Kelly group' by Hermes sales staff. They include socialite Fanny Ma, luxury-goods importer Shia-ping Lee, Teresa Bee (wife of musician Kenny), businesswoman Pansy Ho Hui and shipping scion Doreen Chang. 'Most of them have a crocodile-skin Kelly which they use for special occasions,' says a Hermes sales manager. 'For everyday use, all of them have an ordinary Kelly - at least.' At the very least, the basic leather model - in any colour - is where the Kelly cognoscenti start.

'It's so classic,' says one new owner, carressing her Kelly lovingly. 'It's not flashy; it just speaks for itself. I carry it everyday and now everybody wants one. When you want a good handbag, you start with a Prada, move up to a Gucci and the only thing left after that is a Kelly. If you've got a Kelly, you've got it all.'

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