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July 23, 2008
Swiss premium brand Bally will reduce prices on the majority of their goods sold in Japan, including bags, wallets, and other related products. The price reduction will take effect July 25th with price reductions of up to 20% on some goods. In addition further price reductions will come in effect from this fall to coincide with the release of next spring's collection. By the end of this year it is forecasted that total price cuts will range between 25%-30%.
The move by Bally follows suit with other European fashion brands that have reduced prices due to the Euro and Franc rising in value compared to the Japanese Yen.
With the sub-prime crisis and a sluggish economy affecting sales, it is quite likely that other premium brands will follow suit in the near future in order to increase expenditure on luxury goods.
July 8th, 2008. Asahi