Thursday, December 18, 2008

LV Japan

Earlier this month Louis Vuitton had cut its prices in Japan by 7 percent in an effort to boost flagging sales. Now parent company LVMH has scrapped plans for a brand new Vuitton flagship store in Tokyo's glamorous Ginza shopping district. The 10-floor luxury behemoth complete with restaurant had been slated for opening in 2010, Reuters reports. An official for the developer, Hulic Co Ltd, said the proposed building would probably still be constructed for a different high-end brand. An LVMH spokesman confirmed that Louis Vuitton had withdrawn from the project but "declined to explain the decision or comment on its plans."