Headlines

Versace Closes Japan Stores

Luxury brand wants clean slate before pursuing new locations and distribution channels

Published

15 years ago

October 8, 2009

VMSD Staff

Gianni Versace SpA (Milan) has closed its Japanese stores, saying the locations no longer represented the brand image. According to The Wall Street Journal, the luxury brand is reassessing its distribution channels in Japan, but plans to maintain a presence there.

The move, says The Journal, reflects the volatile luxury market in Japan, where luxury-goods sales are expected to drop 10 percent this year, according to Bain & Co. consultancy. Earlier this year, LVMH Moet Hennessy Louis Vuitton canceled plans for a new store in Tokyo’s Ginza shopping district.

Gian Giacomo Ferraris, who became Versace’s new chief executive in June, is reportedly reviewing every aspect of the company’s business.

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