Versace to Close Its Japanese Stores
Bloomberg reports that Gianni Versace will shut down its stores in Japan as there is decline in the demand for luxury goods. The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website. Versace, which entered Japan in 1981, isn’t the first brand […]
Bloomberg reports that Gianni Versace will shut down its stores in Japan as there is decline in the demand for luxury goods.
The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website.
Versace, which entered Japan in 1981, isn’t the first brand to take this step. Last year Louis Vuitton scrapped its plans to open a store in Ginza, Tokyo.
A statement from the company said in part that the Versace boutiques in Japan “no longer represented the brand image and it was felt to be more advantageous for the company to close them and start with a clean slate.”
Luxury goods makers see less need to sell their products in Tokyo with the increasing importance of Singapore and Hong Kong as financial centers.
