Japan: luxury market set to grow
Japan’s luxury market is predicted to grow for the first time since 2007, Bloomberg has reported.
Japanese sales of luxury goods may rise 2% in 2011, following a contraction that started in 2007, according to Bain & Co. estimates.
“Consumers are back in stores,” a Milan-based partner at Bain, Claudia D’Arpizio, told Bloomberg. “Japan is still a market where you need to be present because it’s a big chunk of the pie and also because the young generation are becoming more and more trend setters.”
UK luxury brand Mulberry is close to signing a distribution deal in Japan with a joint venture owned by Club 21 and a subsidiary of Isetan Mitsukoshi Holdings Ltd. The 10-year accord anticipates the opening of multiple shop-in-shops within the IMH network as well as new flagship stores in Tokyo and Osaka, Mulberry said on 4 October, 2011.
