There has been another crushing blow to the fashion industry - with Japanese designer Yohji Yamamoto filing for bankruptcy protection.
According to a report in The New York Times, Yamamoto’s debt woes stem from the luxury market downturn that caused Japanese women, who were once the world’s most avid luxury shoppers, to turn to cheaper fashion. Swedish brand H&M was named as one of the new labels of choice for many Japanese.
The Yamamoto design house, founded in 1979, will continue to operate under Japan’s corporate rehabilitation law. So perhaps – like Christian Lacroix - there may be light at the end of the tunnel…