JAPAN BACK ON THE RADAR OF ITALIAN LUXURY BRANDS
UP AND UP
After years of focus on China, Italian luxury brands are setting their sights back on Japan.
According to an article on WWD, Valentino, Max Mara and Dior are only a few of the houses that are boosting their presence in Japan with events planned in the country. Bottega Veneta, for example, unveiled the first designs by new creative director Daniel Lee in Tokyo, where it also opened a flagship in Ginza, the biggest in Asia.
According to a study by Deloitte called “Global Power of Luxury Goods 2018”, the growth of Japan’s economy, driven by the economic and monetary policies advocated by Prime Minister Shinzō Abe, low unemployment, as well as a hike in tourism, are the key reasons.
Japan’s advanced technology and continued investments in innovation in retail and manufacturing, and an understanding of what consumers want, is also pivotal.
Adding to the appeal, Tokyo will also host the Olympic Summer Games in 2020. The sprawling city, in fact, is known for its buzzy, dynamic vibe and sophisticated, minimalist elegance with confident consumers wooed by the Made in Italy labels.
According to WWD, “with 3.6 trillion yen (approximately 28 billion euros) spent each year in luxury goods, Japan is the second largest luxury market in the world — behind the United States, but still ahead of Mainland China.”