Luxury brands count cost as shoppers from overseas enjoy weak yen discount
- Sulaiman Umar
- 02 Aug, 2024
- 244
Tourists are flocking to Japan to scoop up high-end clothes and handbags at a discount thanks to the weak yen currency, but luxury goods companies like Louis Vuitton parent LVMH would rather they stayed home and shopped.
The yen's sell-off — it hit a 38-year low against the dollar last month before recovering ground — has sparked an unprecedented tourist boom, drawing savvy shoppers from Asia and elsewhere.
Global luxury brands aren't cheering, because their goods, ranging from designer sneakers to whisky, now tend to be cheaper in dollar terms in Japan than elsewhere, denting profits.
read full story at www.japantimes.com
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