After the surprising news to come out of Tokyo on Friday, that Yohji Yamamoto and his label Yohji Yamamoto Inc. filed for bankruptcy. Executives of the company along with the fashion icon himself called for an impromptu press conference that evening at the label's flagship store in Aoyama. Candidly spoken, Yamamoto-san expressed regret that his label reached the current state. He also stated
"I've had my company for over 30 years, and I consider myself to be a designer first. I left many of the everyday business activities to others, but I think one reason that the company has come to this is that I left too much to others... I was told about the positive things, but many of the bad things didn't reach my ears."
The company has US$ 68 million in liabilities. Under the new restructuring plan, along with infusion of capital from private equity firm Integral, the label expects to remain in business for the long-run. However, there will be drastic cut-backs. Yamamoto-san will now own a smaller stake of the company he established in 1972. There will also be a reshuffling of the key personnel within and closing of some 20 to 30 stores around the globe. In addition, Integral asked Yoshihiro Hemmi, former Vice President of Adidas Japan, to be the new Chairman at Yohji Yamamoto Inc. via: WWD