JAPAN SEES DECLINE IN DEMAND FOR GLOBAL LUXURY BRANDS
July 1st, 2010
BY KELLY WETHERILLE
FOR years Japan has been the world's largest market for luxury goods, but change seems to be imminently on the horizon. Although brands like Hermes, Chanel and Louis Vuitton all still maintain several outlets throughout the country, many luxury brands are suffering due to a sluggish economy, which has helped trigger a newfound fascination with fast fashion. Tadashi Yanai, president of Fast Retailing, the company behind Japan's own cut-price fashion retailer Uniqlo, is now the country's richest man, while makers of bespoke and artisanal ...
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