Thursday, 8 October 2009

Versace To Close Their Japanese Stores – 8/10/09

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).

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Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,