Who really won the battle?

The chap who manufactures cheap beaded necklaces. If they are sufficiently attractive to kobolds that the creatures consider it worthwhile to ambush much larger, armed kindredmen for the sake of stealing them, the chap making them is sitting on a goldmine.

Granted, he might find his merchandise paid for in horrible, bloody sackings or the shrunken, dismembered heads of numerous kindredmen, but if he could devise a method to exploit the kobolds' attraction to the necklaces (kobold sweatshops, perhaps?), he would soon be sleeping on a pile of money with many beautiful women.