Why raising prices in Japan amid ‘insanely high’ inflation backfires on firms
GlobeAlert Desk · curated from South China Morning Post · East Asia
When Japan’s “symbol of affordability” Uniqlo decided to increase the price of its basic socks last month, it sparked a backlash before the clothing titan made an immediate U-turn. That came after Italian-style family restaurant chain Saizeriya issued an almost grovelling apology as it decided to add 20 yen (US$0.13) to the price of its trademark Milanese Doria, lamenting its “lack of effort”. The very public angst, including in one of the world’s most recognisable clothing brands, highlights...
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