Japanese Fashion House Yohji Yamamoto Files For Bankruptcy
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Yohji Yamamoto, Japanese fashion big name design Yohji Yamamoto’s namesake brand cannot make it through the economic downturn and is in debt of six billion Yen, has filed for bankruptcy protection order to the Tokyo District Court on 9 October.
The famous Yohji Yamamoto admitted that due to the global economic downturn and Japanese Yen’s climbing exchange rate, although the company tried really hard to make ends meet, insolvency still occurred, thus the brand decided to apply for the Japanese Civil Recreation Law which equals to the bankruptcy protection order. The brand stated in the statement that “the company has also suffered because of the fall in consumption and excess levels of debt”. But the brand claimed that their exclusive stores in Japan and abroad would continue to operate, their overseas branch wouldn’t be affected by the bankruptcy and Yohji Yamamoto would continue serving as the brand’s Creative Director.
Yohji Yamamoto is born in Yokohama, Japan in 1943. He founded his own studio in 1972, and his design uses black as the key tone, with kimono as the base of creation, largely employs Asymmetric three-dimensional cutting and he is also expert in using hemp fabric and viscose fabric which results in unique pleats.
Yamamoto hold his first fashion show in Paris in 1981, which was a world beat, and he is also active in the design of movie costume and stage wears. He founded his own label in 1984, and bit by bit opened exclusive stores in Japan, Belgium, Britain, France, Hong Kong, Italy and the United States. He is the most representative Japanese fashion designer of the 1980s like Rei Kawakubo and Issey Miyake.
However, Yamamoto’s business has been greatly affected by the financial tsunami, many of the brand’s female costumers have to fall back on less expensive clothes which brings a record-breaking sales growth to cheap clothes stores like Uniqlo and high end brands like Yohji Yamamoto suffers from poor sales. Yamamoto encountered difficulty in raising funds this spring and resigned from the post of the company’s representative in April. Imperial Credit, a research institution, points that the sales turnover of the label in 2004 has well exceeded 11.9 billion Yen but has declined to 9.58 billion Yen by August, 2008.
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