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On the surface, the Tokyo Metropolitan assembly election is a referendum on Governor Yuriko Koike's year in office, but a poor showing for Abe's party will also be taken as rebuke of his 4-1/2-year-old administration. Public broadcaster NHK said Koike's Tokyo Citizens First party and its allies were on track for between 73 to 85 seats in the 127-seat assembly. The LDP was forecast to take between 13 and 39, down from 57 before the poll and possibly its worst showing ever. "I am very happy that I got everyone's understanding," a smiling Koike said in televised remarks after the exit polls were released. NHK said her own new party was set to win 48 to 50 seats. Past Tokyo elections have been bellwethers for national trends. A 2009 Tokyo poll in which the LDP won just 38 seats was followed by its defeat in a general election that year, although this time no lower house poll need be held until late 2018. Koike, a media-savvy ex-defense minister and former LDP member pushing a reformist message, was aiming for her Tokyo Citizens First party and allies to win a majority in the assembly, to end the LDP's domination of the chamber. Among her allies is the Komeito party, the LDP's national coalition partner.
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It is a model makes it easier for Farfetch to adapt to a fast-changing fashion market and allows it to tap into trends that a central buying team might not have registered. With no stock on its books, it also has less risk. Massenet is not the only one to have switched allegiance to this upstart rival to her first creation. Venezuelan fashion entrepreneur Carmen Busquets, an early backer of Net-a-Porter, is also now an investor in Farfetch, while a number of senior Net-a-Porter staff have also jumped ship. Farfetch increased sales by more than 60% last year, and Luca Solca, an analyst at Exane BNP Paribas, reckons the platform is on course to overtake Net-a-Porter within the next two years. Analysts believe there are as many as 2,000 boutiques that could eventually join up with Farfetch, while it is also aiming to strengthen and extend its direct relationships with brands and offer a broader array of services. The site’s growth is being helped by a general rise in online luxury shopping as big-spending fashion fans embrace ordering from home like never before. Within five years, some 14% of luxury sales are expected to be completed online – double today’s level. That brings huge opportunity, but there is also increasing competition. The market once dominated by Net-a-Porter is now in the sights of London-based Matches.com, Munich’s Mytheresa, department store groups and the brands themselves.
For the original version including any supplementary images or video, visit https://www.theguardian.com/fashion/2017/jun/24/handbags-at-dawn-with-farfetch-the-latest-thing-in-upmarket-online-fashion