Fashion House Yohji Yamamoto has gone bankrupt
Famous Japanese fashion house Yohji Yamamoto has become the latest victim of the global economic crisis, followed by Christian Lacroix who declared his bankruptcy. Burdened by huge debt of 76 million dollars, the brand Yohji Yamamoto has already appealed to the Tokyo court to protect it from creditors.
However, the situation of 67-year-old Yohji Yamamoto is not so sad as the situation with his colleagues, like Christian Lacroix: the fact is that the firm Integral Corporation offered the Japanese couturier contribution means.
Yamamoto agreed, as he is not going to leave the beloved business. He hoped that the funding and management of the new sponsor’s brand will help to overcome the crisis and “to stay afloat.” At the same time, Christian Lacroix, proudly rejects offers of assistance from potential investors.
In general, the crisis has severely shaken the industry of luxury and high fashion in Japan. It has recently closed 3 boutiques, Versace, and Louis Vuitton has decided not to open a store in this country. However, cheaper and more democratic networks – such as H & M and Uniqlo – are flourishing, even in times of crisis in Japan.
Apparently, Yamamoto had a premonition of impending events, as his spring-summer 2010 collection is full of tattered and torn clothes – seem to symbolize holes in the economic position of High Fashion in general, and the brand Yohji Yamamoto, in particular.
