As Versace shuts up shop in Japan (see the MO Down for 8 October) and Hermes sees a significant sales slump (see the MO Down for 25 September), low cost Swiss fashion chain H&M moves in to reap the benefits.
According to a recent Wall Street Journal article, Japanese sales of H&M have been steadily increasing all year. This week, the company plans to unveil its first full Japanese "concept" store in Shinjuku, which will feature men's, women's and children's clothes as well as its new Jimmy Choo collaboration shoe line (see the MO Down for 18 June for our report on this joint project.)
H&M's Japan Country Manager, Christine Edman, says, "Caring about value and quality has been in Japan for a long time, but it's more pronounced now because of the recession. The Japanese know that lower prices do not mean bad quality."
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