Japanese economic slowdown fails to dent demand for leather goods
Economic slowdown or not, Japan’s style-conscious consumers evidently cannot get enough of Europe’s designer-brand luxury bags, apparel and footwear.
A story carried in the Wall Street Journal last week reported that Japanese shoppers now account for a massive 40% of all sales of high quality leather goods world-wide, and that the retail outlets of Gucci, LVMH are an essential part of the itinerary of most Japanese tourists visiting Europe.
Cashing in on the trend, the Italian fashion house Prada last week unveiled plans to open a new 31,000-square-foot flagship store in Tokyo next year. In Malaysia meanwhile, LVMH (Möet Hennessy Louis Vuitton) opened its newly expanded Kuala Lumpur store, creating the largest luxury retail outlet in the city’s prestigious golden triangle area.
Offering the full range of LVMH luxury products including trunks, suitcases, travelling bags, city bags and footwear, the 5000 sq. ft. store is the eighth of its kind in Asia Pacific, after three in Hong Kong, and one each in Taiwan, Sydney, Singapore and South Korea.
