After the devastating earthquake hit the northeast part of the country followed by a tsunami warning last week, Japan Fashion Week had to call off the fall/winter 2011 events that were scheduled to take place next week.
After the second day of the disaster, the Japanese stocks dropped due to investors holding off on shares as the news reported another blast at a nuclear power plant. The Nikkei 225 ended its session down 10.6 percent. Retail and beauty stocks also faced a fall with Fast Retailing decreasing 17.5 percent, Shiseido falling 9.18 percent, Isetan Mitsukoshi dropping 14.94 percent, Taskashimaya declining 13.79 percent and Onward Holdings losing 10.6 percent. Many retailors are closed due to the city’s blackouts, which are also affecting income levels.
Here is the message from the Japan Fashion Week Organization featured on their website:
Cancellation of the 12th Annual “Japan Fashion Week in Tokyo”
Our heartfelt regrets go to those individuals who were affected by the disaster of the Eastern Japan Earthquake.
Due to the multiple concerns regarding current electricity shortages, unreliable transportation, and general safety concerns, the “Japan Fashion Week in Tokyo” that was scheduled to take place this week and next week has been cancelled.
Consequently, the Tokyo Collection Week that was scheduled to take place next week has also been cancelled. Fashion companies work hard to maintain and expand their business connections, and JFW considers it its duty to support their efforts. Since conditions in each of their source areas vary greatly so does their rate of production. However, despite these difficult times, we will continue to try our best to obtain the products we can so that we may put together exhibitions to showcase them.
JFW will take these necessary measures and organize exhibitions by communicating closely with each company to determine a concrete support strategy that may be put it into effect. Regarding the contents of the collection, we also intend to make the collection available on the web as a means to not only provide more opportunities for business connections but also so that it may act as a source for information. For more details, please check our JFW’s official website.
Despite this unprecedented national disaster, we will do whatever we can to keep the business flame burning in order to promote new fashion business, and we deeply appreciate your understanding and support.
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