LVMH Moet Hennessy louis vuitton outlet 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 louis vuitton, rose 28 percent last year.
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