Michael Kors is continuing to flourish in the Japanese luxury fashion market. The first venture in Japan occurred a few years ago and since then this fashion company continues to expand throughout this nation and 2014 promises new innovations. Therefore, with new stores being opened on top of strong sales then clearly this company is hitting a right note within the complex fashion market of Japan.
The first venture into the complex Japanese market witnessed a strong initial gambit because Michael Kors opened firstly in Omotesando in Tokyo. Omotesando retail rental costs are extremely high but the visibility angle and prime location offsets this providing companies have the capital to utilize and expand. This obviously applied to Michael Kors because clearly this fashion brand understands the size of the “Japanese apple pie” and the need to respond to specific trends within Tokyo, Osaka and other powerful cities in Japan.
In Asia it is clear that the Japanese and Chinese market is very powerful for Michael Kors. Obviously, the purchasing power in Japan and the long established fashion image of this nation is a huge appeal for all international luxury brands. Likewise, the luxury Chinese fashion market is still adapting to the internal mechanisms of this nation based on rapid economic growth. However, unlike Japan with its rich history of luxury fashion then China still remains in its development stages. Therefore, while the potential is enormous, it is clear that Japan is still the foundation stone for projective expansion in the powerful northeast Asia market.
South Korea is part of the powerful northeast Asia market and the same applies to Taiwan. The presence of Michael Kors fashion in South Korea is also clearly visible in Seoul and other parts of this nation but the main emphasis is currently on the capital of this country. Also, Michael Kors is based throughout parts of the Middle East and this notably applies to Dubai, Saudi Arabia and Turkey.
Turning back to the luxury fashion market in major cities like Tokyo and Osaka then clearly you have enormous potential. It must be remembered that just over 64 million people reside in the mega-regions of Tokyo, Osaka and Nagoya. When this is fused with the purchasing power of most Japanese nationals, along with the fact that luxury items are highly desired by many fashion lovers in this nation; then clearly Michael Kors and other major luxury fashion brands understand the power of Japan.
Of course issues related to over expansion, remaining fresh, adapting to the new reality of social media, and facing enormous competition from the crème de la crème of international fashion companies in Japan; means that the market is complex and many pitfalls can occur quickly. However, if companies adapt and also learn from past mistakes then the profit angle is enormous. It is clear that the fashion brand Michael Kors is intent on learning and developing in the highly complex Japanese market in order to utilize all the gains that have been made by this fashion company.