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.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)