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.
@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
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)