Even the Japanese are feeling the effects of the economy. According to the New York Times, the fashion house Yohji Yamamoto Inc., filed for bankruptcy protection today. The designer house, however, will continue to operate at home and abroad and the company’s founder and designer, Yohji Yamamoto, will continue to work, the company said.
Known for his signature draping or simple cutting, Yamamoto's high-end fashion-conscious clientele have turned to cheaper casual clothes amid the economic slump. Now the luxury fashion houses are struggling while Japanese low-cost fast retailers like Uniqlo are booming.
The company’s debts total six billion yen ($67 million), exceeding its assets.
Source: NY Times
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