The parent company of Calvin Klein, now considers making more luxury acquisitions its first priority kind of heartening. After more than five years of being priced out of the market, so-called strategic buyers -- the luxury goods groups, and others who work in the realm -- are finally seeing valuations drop to a point where buying brands isn't just for the wildly well-financed private equity players. (I'm sure the credit crunch helps too, since private equity relies on debt.)

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