Should Alan Joyce resign?

The ham-fisted rent-seeking attempts by Qantas shows that Joyce is focussed on receiving taxpayer largesse (via a government guarantee) rather than running his airline in the interests of the shareholder*. If he really thinks the Government should guarantee Qantas debt, he should have offered to receive a public-service level salary. He could be running a GBE rather than a company.

The Abbott Government should be congratulated for staring down these claims upon the public purse. It has properly offered to repeal the relevant sections of the Qantas Sale Act and all we got from Qantas was a claim that the carbon tax didn’t matter. At least until they found out a guarantee wasn’t headed their way.

Alan Joyce was appointed CEO of Qantas on 28 November 2008. In the six annual reports where his name appears, he has received remuneration of $26.7 million. The Qantas results over those years are at the bottom of this blog.

Joyce cannot be blamed for the Macquarie bank sponsored 2006-2007 Airline Partners debacle where there was a $5.45 per share offer which would have loaded Qantas with debt to the extent that it would have collapsed during the GFC. To some extent he cannot be blamed for the workplace agreements he inherited, and in the early days he did try to stare down the unions. But he has not persisted and the company has been run poorly since the GFC.

But he can be blamed (as should the Board) for the poor strategies that the airline has pursued since his appointment, including not following through with the 2009 Rudd-Government offer to amend the Qantas Sales Act to open its balance sheet to foreign ownership.
And look what has happened to the Qantas share price since 2007.

*Note: for those that will say that a government guarantee is in the interests of the shareholder, that is a very short-term perspective. Rent-seeking is not the way to ensure the productivity and growth of one’s company. Look at SPC Ardmona, Holden, Ford, Toyota etc. Government support merely cripples a company from innovating and ensuring that its workplace agreements are soundly based and in line with labour productivity growth.

While I don’t think the Government should ever offer a guarantee, if it wishes to, the guarantee should come with the condition that the executives of the company sign a document committing them to receiving public-service level salaries for as long as the company is in receipt of the guarantee.

Profit Joyce salary
$million $million
2013 97 5.112
2012 -276 5.577
2011 249 5.008
2010 116 2.294
2009 123 3.664
2008 970 5.099
Total 1279 26.754

About Samuel J

Samuel J has an economics background and is a part-time consultant
This entry was posted in Economics and economy. Bookmark the permalink.

48 Responses to Should Alan Joyce resign?

  1. Might want to fix that appointment date.

  2. Alfonso

    Jocularity….rule of privatisation #1….there’s no such thing as a negative performance bonus or negative salary review at an ex public service airline.

  3. Grigory M

    Here are the Qantas results over those years.

    Samuel – you might also move the figures up so they follow your above comment in para 3.

  4. JohnA

    But his resignation won’t solve the problem.

    In fact it will embolden Bill Shorten, Anthony Albanese and the unions to think that they have won a scalp in their fight for their cushy jobs.

    And then there will be almost no prospect of the ALP being wedged in the Senate to agree to repeal the Sale Act or the stupid carbon tax.

    Samuel you are helping the wrong side in this dispute.

  5. egg_

    Sell it to the Singaporeans and get it over and done with.

  6. Samuel J

    JohnA – you’re right. Let’s make it a question rather than a statement. I don’t have any skin in the game (I sold my shares in Qantas some years ago), and so don’t really care if Joyce stays or goes. If, however, the Government offered a guarantee, I would have a view since I am a taxpayer.

    Epstein is right, though, the company should focus on its strengths and run the business rather than lobby for handouts. Labor is full of hypocrites as Epstein pointed out that it wanted to change the Qantas Sales Act in 2009.

  7. egg_

    (The ultimate result with Optus – the long and drawn out privatisation of AUSSAT).

  8. Samuel J

    JohnA – as to be on a particular side, I’m on the side of the taxpayer. I don’t want the government to offer guarantees, I don’t want the government to give grants, I don’t want the government to restrict ownership.

  9. Andrew of Randwick

    If he really thinks the Government should guarantee Qantas debt, he should have offered to receive a public-service level salary. He could be running a GBE rather than a company.

    What a load of tosh. He looked around and saw a benefit for his company (and shareholders) that could be sought with little downside – Labor agreed, Coalition wavered. The public does not understand the costs of “debt guarantee” and didn’t we do that to the banks, when they were in trouble.
    Joyce +1

    It has properly offered to repeal the relevant sections of the Qantas Sale Act and all we got from Qantas was a claim that the carbon tax didn’t matter

    Joyce could never have dreamed the Coalition would go that far. But the Senate will block it, based on xenophobic ownership arguments not the real meat of the restrictions in the sale act (move Check B & C maintenance to overseas facilities (benchmarks are woeful for Avalon)). But at least the political class is now talking about the “speed bumps” in the way of Qantas competing.
    Joyce +2

    But he can be blamed (as should the Board) for the poor strategies that the airline has pursued since his appointment

    The grounding of Qanats stopped a guerrilla union campaign and brought to the public’s attention something was seriously wrong at Qantas
    Joyce +3

    Rent-seeking is not the way to ensure the productivity and growth of one’s company

    Oh yes ti is. Getting a government licence is the best way to exclude competition and make oligopoly profits – think gambling, TV stations, schools, hospitals,
    Joyce +4

    he guarantee should come with the condition that the executives of the company sign a document committing them to receiving public-service level salaries for as long as the company is in receipt of the guarantee

    What nonsense. Did the banks do that? No. Of course not. The guarantee is just a way to get debt because he can’t raise fresh equity to fix the balance sheet and thus get lower priced debt in the market. Oh and a P.S. salary like the Governor of the Reserve Bank, or APRA head maybe ok for a while.
    Joyce +5
    .
    Joyce’s international problem is Etihad and Emirates and Chinese Airlines providing excess seat supply, running at a loss but fulfilling some nationalistic agenda – do we really want to shop in Abu Dhabi rather than Paris? Who gave them landing slots? The Government.
    Joyce’s domestic problem are the unions and the EBA’s. Fixing them is not easy. Evidence postulated Mr Dutton has not sacked 5,000 Federal health public servants who do nothing but replicate State responsibilities. So Mr Joyce is not alone working with status quo.
    Joyce +6
    .
    Bad decisions on planes, and a poor Asian explansion are negatives (-2)
    Joyce +4
    .
    Like everything written about Qantas this article is 90% clap-trap.
    .
    P.S. “including not following through with the 2009 Rudd-Government offer to amend the Qantas Sales Act “. Have to check up on that one. Can’t believe it was a real (or complete) offer, given the first thing to go overseas would be maintenance at Avalon and the call centres – resulting in thousands of union jobs lost.

  10. JamesK

    Andrew of Randwick
    #1213866, posted on March 6, 2014 at 7:50 am

    +1

  11. Samuel J

    Andrew – I said before that bank executives should have received public sector salaries while in receipt of the government guarantee. And I opposed the granting of the guarantee.

    Let me be clear: in my opinion, the Government should never offer to guarantee a company’s debt.

  12. Andrew of Randwick

    Samuel – Granted. But a business man can’t be blamed for asking – if there is whiff that you could be successful. Access to cheap debt is always a good thing.

  13. Samuel J

    Andrew – as Mephistopheles showed, selling one’s soul to the devil has a cost.

  14. Andrew of Randwick

    Getting a government licence is the best way to exclude competition and make oligopoly profits

    Another example from the other side. Licenced Aircraft Maintenance Enginner – basically a glorified fitter.
    “But if I get my ticket and work for Qantas, I will get twice as much as that smuck down the road”.
    Government licences are always the shortest route to a pot of gold. Always have been.
    P.S. Don’t get me started on restricted professions
    P.P.S. gotta go or be late for school drop off.

  15. caveman

    No he should not resign but bed down like a tick . Be thankful its not me running the company I would taken all the keys to planes and thro

  16. Alfonso

    “Licenced Aircraft Maintenance Enginner – basically a glorified fitter.”
    You’re wrong but I really can’t be bothered telling you why in detail….except it’s a long and intense process to get from intake apprentice to signing off engine, system or airframe work on a 777. Involves personal characteristics as much as tech schools.

  17. Baldrick

    No Joyce should not resign.

    He has been head of a company that has been hamstrung by government regulations not allowing him to seek foreign investment and by Labor’s union mates, not allowing him to introduce workplace reform.

    Government interference, not Joyce’s mismanagement, has put Qantas in its current position.

  18. Tel

    Joyce has gradually come around to understanding how business operates in Australia… which means it must be time to replace him with another fresh faced foreigner.

  19. Ed

    Andrew of Randwick.

    He looked around and saw a benefit for his company (and shareholders) that could be sought with little downside – Labor agreed, Coalition wavered. The public does not understand the costs of “debt guarantee” and didn’t we do that to the banks, when they were in trouble.

    His opportunism and the public’s ignorance are irrelevant. Samuel’s still right: let’s have public sector salaries for public sector jobs.

    Joyce could never have dreamed the Coalition would go that far.

    Failure of imagination is not a defense for his response. The repeal is good for Qantas; their dismissal of the carbon tax revealed them to be rent seekers who are uninterested in fixing the bottom line.

    The grounding of Qanats stopped a guerrilla union campaign and brought to the public’s attention something was seriously wrong at Qantas

    Well of course, we all agree with that. When we talk about “poor strategies” its not a reference to confrontation with unions. This isn’t Crikey you’re reading here.

    Rent-seeking is not the way to ensure the productivity and growth of one’s company

    Oh yes ti is. Getting a government licence is the best way to exclude competition and make oligopoly profits – think gambling, TV stations, schools, hospitals,

    Rent seeking improves productivity? Nonsense. Holden is the end point of rent seeking for private companies. Also, all the examples you chose are about government imposed barriers to entry – that’s not necessarily ‘rent seeking’ and is certainly not a central issue here.

    What nonsense. Did the banks do that? No. Of course not.

    They should have.

  20. Docket62

    Government interference, not Joyce’s mismanagement, has put Qantas in its current position.

    Bollox. The weedy little Vegemite hater is simply lining his pockets at the expense of shareholders, and his grubby attempt to secure public money is supported by his board. The whole lot need sacking but the leprechaun in particular (hmm. That could be racist..LOL)

  21. Eyrie

    Licenced Aircraft Maintenance Engineers should really be called Licenced Aircraft Maintenance Technicians. They aren’t engineers. Engineers have university degrees and can design the things that the LAMEs maintain according to standard procedures.

  22. .

    I agree with Samuel’s long term assessment of Joyce’s management quality and what the guarantee will do in terms of incentives.

    However, if you’re not a shareholder, what you think is irrelevant.

  23. Joyce is like Sol Trujillo(remember him?).They both talk too much and destroy shareholder value in the companies they headed as CEO,instead of properly getting on with the job(which includes in Qantas’s case reducing its legacy costs and improving productivity and designing a sustainable business plan for Qantas International).

  24. Alfonso

    The responsibility blowback on LAME’s is immense. Not a suitable occupation for Joe the car mechanic.

  25. Squirrel

    “If he really thinks the Government should guarantee Qantas debt, he should have offered to receive a public-service level salary. He could be running a GBE rather than a company.”

    I think this is a perfectly fair point, and it leads on to the larger question raised by the position taken by Labor and others – do they think Qantas should be re-nationalised? At two and a half billion, or so, and apparently vital to our national survival, it would be a bargain at the price.

    If/when Alan Joyce does go, surely many others should follow – I don’t think it would be at all fair to make him the scapegoat and let others sail (float?) on, unscathed.

  26. candy

    He tried to bully the government, when he needed to be cooperative and amenable. There’s an attitude problem right there.

  27. egg_

    Engineers have university degrees and can design the things that the LAMEs maintain according to standard procedures.

    Perhaps according to the textbooks; however, field Operation and Maintenance (regardless of qualifications) folk usually develop the workarounds that fix designers’ eff-ups, and have to get their heads around that particular Airbus/Boeing/&c office jockey’s ‘design flair’ in doing so.
    / R&D Test Manager ( wdecades of O&M Tier III support)

  28. sabrina

    I hope Alan Joyce reads what Sinc wrote the other day and Samuel wrote in this blog.

  29. Andrew of Randwick

    Alfonso: it’s a long and intense process to get from intake apprentice to signing off engine, system or airframe work on a 777 [ to be a LAME].
    The responsibility blowback on LAME’s is immense. Not a suitable occupation for Joe the car mechanic

    Ok, so I have looked at the LAME career guide.
    And checked out the “The Maintenance Creed”

    UPON MY HONOR I swear that I shall hold in sacred trust the rights and privileges conferred upon me as a qualified aircraft maintenance engineer/technician. Knowing full well that the safety and lives of others are dependent upon my skill and judgment, I shall never knowingly subject others to risks which I would not be willing to assume for myself, or for those dear to me.
    IN DISCHARGING this trust, I pledge myself never to undertake work or approve work which I feel to be beyond the limits of my knowledge nor shall I allow any non qualified superior to persuade me to approve aircraft or equipment as airworthy against my better judgment, nor shall I permit my judgment to be influenced by money or other personal gain, nor shall I pass as airworthy aircraft or equipment about which I am in doubt either as a result of direct inspection or uncertainty regarding the ability of others who have worked on it to accomplish their work satisfactorily. Therefore, for individuals that are willing to commit themselves to upholding these ideals, there is a long term and satisfying career as an aircraft maintenance engineer or technician.

    Let’s start here for reform. It’s a job Sunshine, not a religious brotherhood. Just like thousands of other jobs that if done wrong can cause injury and death. Never heard that a FEDFA crane drive who swing loads out over the streets in our capital cities filled with cars, buses and pedestrians who signs up to a creed of “I most solemnly swear not to drop my load and squish people”.
    Granted margins of error are smaller than almost all other businesses, but guess who developed 6 Sigma business process (1 error per 2 billion events)? Is was not LAMEs, it was not Unionists, it was those horrible, ghastly executives and businessman at GE Engines, who figured out that engines dropping out of the sky was not good for repeat orders.
    .

    Sabena: Joyce is like Sol Trujillo (remember him?). They both talk too much and destroy shareholder value in the companies they headed as CEO, instead of properly getting on with the job

    Confusing MSM reports and prejudice with facts. Sol built Telsra’s mobile network thru redirecting capital investment. That network is the profit driver of today’s business.
    .

    Ed: His [Joyce] opportunism and the public’s ignorance are irrelevant

    That’s called business and its called exploiting an opportunity.
    .

    Ed: their dismissal of the carbon tax revealed them to be rent seekers who are uninterested in fixing the bottom line

    Can’t have it both ways (previous comment on Public Sector job = PS wages) . Joyce’s package has a large at risk component based on profit. He is very personally interested in fixing bottom line.
    Most businesses in Aust. have been mum on the Carbon Tax. I heard it was because of a threat from ……. that if you raised your head above the parapet then the green goons would be sooled upon you.
    Also, hard to make an anti-Carbon Tax statement and still live the corporate values of “we care for the community” if 95% of your staff (until recently) think “we should do something about global warming”. But silence of business and the prothletising by Heather Ridout is a subject for another day.
    .

    Ed: When we talk about “poor strategies” it’s not a reference to confrontation with unions. This isn’t Crikey you’re reading here

    The confrontation with the unions is a strategy and the only one Qantas should be worrying about domestically. And isn’t h is Chairman Leigh Clifford from old CRA/Rio Tinto Iron Ore operations? I think he knows a thing or two about busting union strangleholds knows what Joyce is doing. Why do think Virgin’s maintenance base is in Brisbane, not Melbourne – because they wanted a “clean slate” and no legacy issues.
    And reading some of the idiotic comment on Qantas today, I do could be forgiven for thinking that I am reading Crikey.
    Qantas is a business, and that’s all. Joyce is a businessman trying to exploit angles which is a key dimension of a CEO’s role. The other, maximisation of the seat yields, he knows by heart (that is why they hired him with his big maths brain).
    .

    Ed: Also, all the examples you chose are about government imposed barriers to entry – that’s not necessarily ‘rent seeking’ and is certainly not a central issue here.

    Getting the government to increase the barriers to entry so that the incumbents can prosper is not “rent seeking” – get real. That is why you pay lobbyists to point out the risks of liberalisation of markets – “Best to leave things how they are Dear Minister”.
    .

    Ed: They should have [paid bank execs PS wages when they got government debt guarantees]

    So every farmer taking an assistance package should have their income limited to that of a skilled worker – let’s say $60k. I can see that going down a treat. Every child care operator should face super profits confiscation because their source of income (fees) are “guaranteed by the government (CCR and CCB)”.
    The linkage of debt guarantees which are done by governments for the perceived national interest – really an insurance premium for disaster avoidance – and the salaries of execs is a total furphy.
    .
    I would pay Joyce a $10m bonus if he can hold-his-nerve and straighten things out in the next 3 years and set Qantas up for the next decade.
    .
    P.S. When the four goons in their QANTAS clothes turn up outside his dwelling one morning, he will get the message. It will be the implied “We know where you live you little Irish prick, so back-off”. And of course the Police can do nothing – there was no threat, all the goons said was “Good Morning, Alan”. And if he gets private security the TV channels will be all over him with video of the “scared” Alan Joyce going to work.

  30. JamesK

    Andrew of Randwick
    #1214280, posted on March 6, 2014 at 2:01 pm

    +1

    Especially the ‘I could be mistaken that I’m I’m reading Crikey’ quip

  31. Elizabeth (Lizzie) B.

    Sol Trujillo saw Telstra into G4 mobile which was good for them, so he was not all bad. Joyce has been hamstrung and largely it is the ‘any port in a storm’ option left for him now. Agree with Andrew above. Public servant pay reaps public servants; have to do betfer than that but I agree don’t go OOT.

  32. Elizabeth (Lizzie) B.

    That’s I agree with Andrew on all his points btw. In middle of school run so grabbing five where I can on the Cat. No time for adequate composing in this hurly-burley.

  33. JohnA

    Sorry I am late to this. I have been out trying to fix the Australian recession by selling real stuff!

    Andrew of Randwick, you said:

    “Joyce’s international problem is Etihad and Emirates and Chinese Airlines providing excess seat supply, running at a loss but fulfilling some nationalistic agenda”

    but you forgot that the seat capacity question is tied up with the landing rights question, which is a government decision, is it not?

    So Joyce should be taking it up to the government (which government did all that, eh?) about restraining landing rights decisions in the face of over-capacity.

    Joyce +1 but AofR -1 for poorly expressed argument. :-)

  34. Andrew of Randwick

    JohnA #1214424, posted on March 6, 2014 at 4:18 pm
    Read it all son and then make comments…

    Joyce’s international problem is Etihad and Emirates and Chinese Airlines providing excess seat supply, running at a loss but fulfilling some nationalistic agenda – do we really want to shop in Abu Dhabi rather than Paris? Who gave them landing slots? The Government.

    gotta go and do OOSH run. And if you do not know what OOSH is – you are not living.

  35. hzhousewife

    btw A of R, how’s the little tacker going at school,
    been indoctrinated yet? ( so glad my days of drop-offs and
    OOSH are over !).
    Thanks for the very amusing Maintainance Creed, so tempting to
    write one for the employees and get them to recite it every morning.
    I’d be lynched !

  36. Tel

    However, if you’re not a shareholder, what you think is irrelevant.

    As I mentioned already, all taxpayers are shareholders. That’s just how business seems to work in Australia.

  37. Tel

    Sorry I am late to this. I have been out trying to fix the Australian recession by selling real stuff!

    Economics 101… it has nothing to do with you, that’s supply side rubbish! The economy runs on aggregrate demand, so what you do is irrelevant.

  38. Grigory M

    Just before Question Time yesterday afternoon, ALPBC24 seemed to be eavesdropping on a Channel 9 Ross Greenwood interview with Alan Joyce. It was quite interesting. Joyce gave some very good responses to Greenwood’s questions.

  39. Andrew of Randwick

    hzhousewife #1214485, posted on March 6, 2014 at 5:06 pm

    btw A of R, how’s the little tacker going at school, been indoctrinated yet?


    It starts in K and continues Y1-12. You had better get your posters in by close-of-business Friday 28 March, because 2014 NAIDOC week is fast approaching (6 – 13 July, 2014):

    Aboriginal and Torres Strait Islander artists are invited to submit an artwork based on this year’s theme Serving Country: Centenary & Beyond.

    Look and consider the 1979 “International Year of the Child” poster: “What about our kids?” and wonder why “Give us back our land, With a friendly hand, Australia all around, With no holes in the ground” is the tag line to help Aboriginal children, rather than “Stop Dad hitting my Mum, Stop Dad and Mum being drunk all the time, Stop my Uncle hurting me”, or would have that been too close to the truth of personal responsibility and not engendered the right form of white guilt.
    .
    Some posters mention the platitude of “or children are the future”, but none mentions Aboriginal on Aboriginal violence and abuse as a cause for concern.
    .
    Aboriginal peoples were all happy, loving and at one with their environment. A projection of the myth of the “noble savage” first postulated by French writers in 18th century. They studied American Indian tribes in the Louisiana colony, 1729-1741. As Martin Thom (Republics, Nations and Tribes; 1995) demonstrates this was wrong then, as it is wrong today – Life was brutal and short. Confirmed by Watkins Tench as he gives a first-hand report (rather than a reinterpretation of history) of women with scars all over their heads (1788 Watkin Tench, , 1996, edited by Tim Flannery (Bloody hell that can’t be right – but it is!!))
    .
    Myth of the 1972 Referendum when voting was already allowed in QLD (since ??), NSW (since ??), VIC (??). SA (??)
    .
    Next NAIDOC will move to “Bringing them Home” Stolen Generations that the “whites’ deliberately tried to breed-out Aboriginality, rather than remove children suffering abuse, or at risk of suffering abuse, in their home communities. A half-caste child was as much an outcast, and a victim of discrimination, from an Aboriginal camp.
    .
    NAIDOC will then move to Black Deaths in Custody where the data actually shows that rate of death (per thousand prisoners) amongst Aboriginal inmates was no higher than that amongst the non-Aboriginal (whites). Granted lots more Aboriginals proportionally in jail. But don’t let facts get in the way of a good yarn
    .
    So there you have it. Your child will come home knowing the lower red colour band is the land, the black colour band is the people, and the yellow circle is the sun. But they will not come home knowing that Aboriginal child mortality has decreased from a to b. Or that Aboriginal maternal mortality has decreased from c to d. Or that Aboriginal life expectancy has increased from e to f.
    .
    Yes it is a crying shame that Aboriginal children die from beatings and malnutrition in Mt Isa Base Hospital and elsewhere. But don’t blame the racist whites – blame their parents and their extended families that allowed such abuse to happen by the choices they made.
    Yes it is a crying shame that ATSIC was taken over by greedy thieving politicians and bureaucrats – but that’s OK because they had dark skin.
    .
    .
    RANT OVER – NORMAL SERVICE WILL BE RESUMED SHORTLY…
    .
    Now back to Qantas (after dinner)….

  40. JohnA

    A of R:

    “gotta go and do OOSH run. And if you do not know what OOSH is – you are not living.”

    I know what it is, and as homeschoolers we avoid it totally.

  41. JohnA

    A of R, sorry – missed your bit on landing rights. But thanks. Nice to see my comments of some days ago are remembered.

  42. Ed

    Andrew of Randwick

    Getting the government to increase the barriers to entry so that the incumbents can prosper is not “rent seeking” – get real.

    It’s not this kind of rent seeking.
    Joyce is asking for actual handouts.

    It seems that you think that governmnent largesse is just another kind of income stream for a business to tap. A CEO that tries to get government handouts is no different from a CEO that diversifies the company into China.

    I don’t agree. Companies that generate wealth are good; countries that try to hook onto taxpayer dollars are parasites.

    You keep sliding between market realities and political realities.

    So every farmer taking an assistance package should have their income limited to that of a skilled worker – let’s say $60k. I can see that going down a treat. Every child care operator should face super profits confiscation because their source of income (fees) are “guaranteed by the government (CCR and CCB)”.

    This is a pretty poor attempt at reductio ad absurdum. In your world, government handouts are politically fine the public are cool with it. But having strings attached? How would that go down? you scoff. Do you want to persecute farmers and child care workers?

    Well, a year ago the elites thought the car industry was similarly immune. The public can tire of handouts. Your cheerleading for a corporate handout mentaility is wilfully simplistic and relies on gross caricatures and populism.

  43. Tel

    Child care is vastly more expensive than it would be in a free market.

  44. .

    Tel
    #1214583, posted on March 6, 2014 at 6:50 pm
    However, if you’re not a shareholder, what you think is irrelevant.

    As I mentioned already, all taxpayers are shareholders. That’s just how business seems to work in Australia.

    Where are my dividends? No, we’re the victims of legalised extortion.

  45. Combine Dave

    Joyce’s international problem is Etihad and Emirates and Chinese Airlines providing excess seat supply, running at a loss but fulfilling some nationalistic agenda – do we really want to shop in Abu Dhabi rather than Paris? Who gave them landing slots? The Government.

    I’m pretty sure I’d rather shop in Shanghai, Toyko or Taipei than fking Paris…. (Abu Dhabi not so much either).

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