Herend Porcelain loses money for first time
``The last thing people would buy is porcelain,'' said Kovacs, 61, now commercial director. ``It's simply not the time now for luxury purchases,'' he added.
Herend gained notability when Queen Victoria ordered a dish set at the 1851 World Exhibition in London, and more recent customers include the Sultan of Oman and Harrison Ford. Herend, iconic in Hungary like Waterford Wedgwood Plc is in Britain, is among the most recognized Hungarian brands abroad, along with Tokaj white wine and Pick salami, the tourist board said.
Production at Herend has dropped by 20 % in the past four years, including to its main U.S. market, where hand-painted Herend dishes and figurines are sold in shops such as Neiman-Marcus
Group, Marshall Fields and Bergdorf Goodman to stars including California Governor Arnold Schwarzenegger.
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