Versace is set to say ‘sayonara’ to Japan, as they close down their three Japanese stores and review their business strategy.
“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,” Versace said in a statement.
This news from Bloomberg once again highlights the major decline in the Japanese luxury market. Hermes CEO, Patrick Thomas, may just be proved right with his recent statement: “I’m not expecting to see the light of the tunnel before 2010. The Japanese economy is not good and we all feel it.” (see the MO Down for 25 September for the full article on Hermes’ Japanese sales slump).