Harry Winston Japan will raise prices on jewelry but not watches as of March 22, according to a spokeswoman. Tiffany is planning to raise the prices of some merchandise as of April 10, a spokeswoman said. Neither spokeswoman quantified the size of the price increases.
It is still not clear how many other luxury brands will jump on the currency issue.
Coach, Giorgio Armani and Chanel have no immediate plans to adjust their pricing in Japan, according to spokeswomen for the brands. Gucci and Prada declined to comment on their Japanese pricing strategy. Dior did not respond to requests for comment.
Last month, Jean-Marc Duplaix, chief financial officer of PPR, said that the group may raise prices in the future. “There will be opportunities to increase prices on a case-by-case basis, and according to product category, if the impact of currency fluctuations is as detrimental as the latest trends currently suggest,” he said as the company released 2012 results.
The yen has depreciated considerably in recent months as Shinzo Abe, the newly elected Japanese prime minister, has vowed to attack the country’s long-term deflation trend. The currency has shed more than 12 percent of its value against the dollar and the euro since early December.
Still, Hiroshi Onishi, president and chief executive officer of Isetan Mitsukoshi Holdings Ltd., downplayed the immediate impact of currency on luxury pricing in Japan.
“Even when the yen was stronger, not all of the prices were [lowered]. I think luxury brands set their prices based on the cost of [materials], so we still haven’t seen any effect of rising prices,” Onishi said. “But there is a possibility that we may see that happening from this autumn.”
Regardless of potential price increases, Japan remains an intensely competitive retail market. Case in point: Isetan’s flagship in Shinjuku unveiled Wednesday, the last of its ongoing renovations in a bid to reach new customers.
More than just a redesign, the Isetan renovation project completely changed the layout of the store, organizing each department by a particular type of customer, rather than by the type of product on offer. Isetan has been refurbishing and expanding different areas of the store for several months now. One of these new areas on the second floor, which aims to attract women in their late teens to mid-30s, includes a large section designed for the “urban mother” and her various lifestyle needs. There is also a small gift section and florist.
Also on the second floor is a new department called Re-Style Tokyo, which includes offerings by many Tokyo-based brands, such as Limi Feu, Mint Designs, Theatre Products, Tsumori Chisato and Tricot Comme des Garçons. International brands with a similar customer base, including Vanessa Bruno, Paul & Joe, A.P.C. and Vivienne Westwood Red Label, round out the selection.
“We have had an edited section called Re-Style [for some time now], where we introduce new designers, both Japanese and international. This time, we made a section for Japanese designers on the second floor, so some of the designers that used to be on the fourth floor were moved down to the second floor, and we also increased the number [of Japanese designers],” said Onishi.
On yet another side of Isetan Shinjuku’s second floor is an area dedicated to edgier fashion brands from both Japan and abroad. These include Hysteric Glamour, G.V.G.V., Rag & Bone and Isabel Marant. The section includes the women’s denim bar, with jeans from a wide variety of labels. The center of the floor around the escalator wells includes several spaces for promotions or short-term shops-in-shop. Currently on offer in one of these spaces is the latest collection by local brand Jenny Fax, which shows during Tokyo Fashion Week and takes inspiration from anime and manga.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion