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Wednesday, September 16, 2009

The meaning of Luxury in the Recession

Of all industries affected by the recession, the luxury industry should be one of the most affected. Luxury by definition is set apart from necessities, and so in times of financial hardship will be the first to go...Or will they?

2 comments:

  1. Hi Timothy. Great to have inside information on the Japanese fashion industry in English. Always interesting to see what's going on.

    Yeah - you would think that luxury would suffer in the current climate but I'm not so sure. There seems to be a lot of new stores opening and the Japanese appetite for shopping seems to have increased not decreased. Look at the new stores which have opened recently - Opening Ceremony, Black Fleece, Moncler, Rick Owens and many many more.

    It's certainly an interesting time for the Japanese market. I'm not sure if anything can really effect Japan's unique relationship with luxury.

    Paul - http://www.fashionartstokyo.com/

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  2. Thanks Paul, and thanks to the drop in real estate prices many stores have and will be able to open stores in Japan for a quite some time while land prices stay depressed - that and as you pointed out the Japanese consumer has a very unique relationship with luxury - one that won't go away but will evolve as we are seeing with the mixing of luxury items and fast fashion items, especially with next month's launch of Jil Sander's J+ collection with Uniqlo.

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