The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Hosaya, currently president of Fukuoka-based, Isetan-owned department store Iwataya Mitsukoshi, starts his new role on April 1. The company’s current president, director and chairman Toshihiko Sugie will retire, Senken Shimbun reported.
Isetan Mitsukoshi Holdings owns 25 department stores in and outside of Japan, in addition to businesses in financing and real estate. In 2011, Isetan and Mitsukoshi merged to form the current entity; its flagship locations, Isetan Shinjuku Main Store, Mitsukoshi Nihombashi Main Store and Mitsukoshi Ginza Store, are all located in Tokyo.
Like many Japanese retailers, the group has been slow to digitise but has been pushed to do so amid the pandemic. The sector, which relies heavily on Chinese tourist spend, is still suffering: January sales fell 29.7 percent on a same-store basis from a year earlier — the 16th consecutive monthly decline — the Japan Department Store Association said Thursday.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.