Japan is splitting the luxury world in two
As the world's big luxury houses reported, their Japan numbers split cleanly in two: hard-luxury and jewellery boomed while more tourist-dependent names softened — the same China-inbound divide reshaping Japan's department stores.
Japan's luxury customers didn't change this season — but which maisons they favoured did. As the world's big luxury houses reported through July, their Japan numbers split cleanly in two. Cartier's owner Richemont saw Japan sales jump 36% at constant currency; Hermès grew 11% there and Swatch 20%. At the other end, Coach's Japan sales fell 10%, Burberry's slipped 6%, and Ferragamo's declined too. Same country, same quarter — opposite results.