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LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury-goods maker, said a plan to open a store in Tokyo's Ginza shopping district was derailed after it failed to reach an agreement with the building's developer.
Talks with Tokyo-based developer Hulic Co have finished, Yuri Matsueda, an LVMH spokeswoman who works for Burson-Marsteller, told Bloomberg News by telephone yesterday, declining to elaborate.
The Paris-based company's Japan unit agreed to abandon a lease contract with Hulic as sales for luxury goods in Japan are declining, the Nikkei newspaper reported yesterday, without citing anyone.
The 12-story building was slated for completion in 2010, the report said. Land prices in Ginza, home to Japan's most expensive real estate, rose 28 percent last year.
Go News Center Added by: jessie Add time: 2009/11/27 21:45:22 view >>
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