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The Versace boutiques in Japan no longer represented the brand image and it was felt to be more advantageous for the company to close them and start with a clean slate.

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Federico Steiner, a spokesman for Versace in Milan. The company will close its Japanese stores and review its entire business strategy, as demand for luxury goods declines in the world's second-largest economy. (Bloomberg)

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Woolworths also announced that their stores no longer represented their image and were closed.

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