Japanese Prime Minister Junichiro Koizumi on Monday indicated during a session of the Japanese Diet’s budget committee that he would be in favor of allowing each local government in Japan to charge its own consumption tax. The current rate of the...
Japanese Prime Minister Junichiro Koizumi on Monday indicated during a session of the Japanese Diet’s budget committee that he would be in favor of allowing each local government in Japan to charge its own consumption tax. The current rate of the nation’s consumption tax is 5 percent, of which 4 percent goes to the national government and the remainder to local governments, which receive it from the national government. Koizumi’s comments meant that the 1 percent tax could be charged directly by each local government. There are 50 prefectural governments in Japan and Koizumi wants to activate local autonomies instead of the present situation where everything has to be done by the central government. However, the premier said he is not willing to raise the rate of the consumption tax for the time being, and it is still unclear if, in the future, the price of goods in Japan will be different from prefecture to prefecture depending on the rate of local consumption tax. — Koji Hirano
FINER WEAVE: Itochu Corp. has begun marketing compact spun wool yarn and fabric in Japan in collaboration with European mills. Itochu said it has signed an agreement for the exclusive import of compact wool yarn from Zwickuer Kammgarn GmbH, a textile manufacturer based in Wilkau-Hasslau, Germany. The Japanese trading firm also is working with another German mill of compact spun wool yarn, which resulted in the installation of an experimental compact spinning system in its mill in Poland.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)