Cheap and Trendy Gains as Luxury Fades in Japan

November 10, 2009 at 10:12 am

TOKYO—As major luxury brands in Japan delay store openings or quietly slink away from what was once their largest single market, two recent foreign entrants on the other end of the spectrum are aggressively plotting their expansion: Hennes & Mauritz and Forever 21.

Both Forever 21 and H&M are purveyors of “fast fashion”—their shops feature cheap, trendy clothes, with new items hitting the shop floor on a daily basis. In brand-obsessed Japan, the success of both stores underlines a deep shift in consumers’ mentality, as shoppers put value ahead of logos.

Privately owned Forever 21, which entered the market in April with a shop in Harajuku, is aiming to open two to three more stores in Japan over the next nine to 12 months, said Larry Meyer, its chief financial officer.(By MARIKO SANCHANTA,Wall Street Journal, NOVEMBER 10, 2009)

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Entry filed under: Asia, Business Development, Japan, NKITA, Strategy.

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