It is said that on 7th, October, the Italian fashion house Versace closed its three remaining Japanese stores, and withdraws from Japanese market. Actually, it is absolutely not an impulsive action, instead, it’s a business strategy. After having reviewed the luxury market in japan, they found that The Versace boutiques in Japan no longer represented the brand image, since the demand for luxury goods including Versace handbags and Versace watches is declining day by day. Thus it was felt to be more advantageous for the company to close them.
Originally entered Japan in 1981, Versace is the latest brand to scale back operations in the country, as falling wages and job losses chill consumer confidence. Its sales in 2008 in Japan were half of what they were in 2007. Of course, Versace is hardly the only luxury brand having problems in Japan. The worldwide economic crisis has hit Chanel, Louis Vuitton, and other high end brands in Japan as well, resulting in declining sales and/or store closures. However, if Versace has really decided to pull out of the market completely, it could be a sign of more bad news to come for Japan’s fashion industry.
Someone worried that the action would badly effected the Chinese market more or less. While in fact, the company said last November that it expected Asia to surpass the United States as its biggest market after Europe this year as it expanded in China. Besides, in response to the global economic crisis, the board approved a three-year business plan in May for 2009-2012 developed with Bain & Co. It also reported a profit for the first quarter.
It is the time to rethink the business for all luxury brands.
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[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]
[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]
[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]
[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]
[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]
[...] demand for luxury goods including is declining day by day in Japan, also the Italian fashion house Versace just withdrew from Japanese market, we have to admit that Japanese have bought about half of the global luxury goods; Though more and [...]