PRADA EXPANDS: Prada Japan opened a 10,000-square-foot, directly operated shop in Ginza, Tokyo, last weekend. It will be followed by another Prada shop, with six floors, in Aoyama, Tokyo, in June. The Ginza store was inaugurated by Patrizo Bertelli, chief executive of the Prada Group, who flew in from Milan. The store, which has three floors, is expected to have sales of about $23.3 million in its first year. Prada said the unit did about $432,000 worth of business in its first three days.
Prada Japan, the company’s wholly owned subsidiary, posted sales of approximately $250 million in 2002, up 10 percent from the previous year, with an increase of 15 percent forecast for the current year.
Meanwhile, Prada is looking at another way to expand its brand image in Japan: plans are under study to establish roadside shops in Osaka and Fukuoka on the southern island of Kyushu.
EVER UPWARD: Clothing, stationery and home furnishings retailer Muji had a enormous leap in net profits to $19.6 million for the fiscal year ending Feb. 28 from a break-even performance in the prior year, according to its parent Ryohin Keikaku. The parent company operates 265 Muji shops throughout Japan, 16 units in the U.K., four in France and one each in Ireland and Hong Kong. Muji had sales last year of $960.3 million, 4 percent down compared with a year earlier. Operating profits increased 22.4 percent to $56.3 million. Dollar figures were converted at current exchange rates.
Sales of apparel and miscellaneous goods, which accounted for 32.2 percent of total sales, dropped 6.3 percent last year, although "casual basic items sold well, as well as garments with trend essence," said the firm.
In fiscal 2002, the firm had extraordinary losses of $49.5 million, including losses from writing off merchandise inventory. In fiscal 2003, Muji had extraordinary losses of $31 million.
For fiscal year ending February 2004, the firm projects sales of $987.5 million, a 2.9 percent increase, and net profits of $33.3 million, 70.2 percent up from a year earlier.
GOING DOWN: Apparel imports into Japan from China declined 15.6 percent in February from a year earlier to $854.4 million, but the country continued to be the dominant supplier to Japan, accounting for a 71 percent share of total imports of $1.2 billion, according to the Ministry of Finance. The yen’s exchange rate for February averaged 119.26 yen to the dollar, an 11.8 percent appreciation from a year-ago level of 133.31 yen, the ministry said.Apparel imports from the United States in February fell 28.2 percent to $20.2 million, while shipments from the European Union (EU) rose 3.8 percent to $166.2 million, according to the ministry.
GOING IN: Japanese designer Kansai Yamamoto is moving into the Chinese market for designer-brand clothing through licensing. Kansai has engaged the services of Osaka-based Intellectual Property Corp. (IPC), which specializes in managing brand and licensing businesses, according to an executive of the Kansai Yamamoto design house. The move reflects the growing affluence of Chinese consumers, which is attracting foreign design houses in increasing numbers.
TOUGH GOING: Overall department store sales in Japan in February edged down 0.5 percent from a year-earlier level to $4.57 billion, marking the 11th consecutive month of decline, according to the Japan Department Stores Association. But sales of women’s wear rose for the first time in six months on a year-on-year basis to $1.1 billion, up 0.8 percent. Men’s wear sales went up 0.5 percent to $314 million, according to the association’s report, which covered 290 stores of 102 department store companies.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)