HONG KONG — Byron Yiu once eked out a living by hawking sunglasses at a Hong Kong street stall, but has made his fortune by turning traditional shopping habits around and re-selling rich women's luxury handbags.

Yiu's Milan Station retail chain, the first of its kind in the fashion conscious city, buys trendy bags -- luxury tote or shoulder bags to evening clutch -- from the ladies who lunch in Hong Kong's upscale neighbourhoods.

Locally known as "tai tais", the small and often thrifty demographic, rarely seen without Prada, Chanel or Gucci on their arm, provides the retailer with a steady flow of bags which are later authenticated by Yiu's team.

"Hong Kong ladies are smart and money savvy. Unlike jewellery, the value of handbags will depreciate when they are no longer trendy," said Yiu.

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