French luxury group PPR, the business behind brands including Gucci, Stella McCartney and Alexander McQueen, is to donate €2m (£1.75m) towards ongoing relief efforts in Japan.
The group will donate the money on behalf of the group and its brands via the Red Cross. PPR has also started a scheme which will match any donations made by its 60,000 worldwide employees.
Luxury brand Chanel has also made an undisclosed donation to the Japanese Red Cross to help those affected by the earthquake and tsunami which hit Japan eaerlier this month, killing thousands of people and damaging a nuclear plant in Fukushima.
Japanese stocks closed lower on Wednesday after warnings in Tokyo about higher-than-normal radioactive levels in its water supply. The Nikkei 225 dropped 1.7%
Many retailers have reopened in the country although some have shortened operating hours to conserve electricity.
Richard Collasse, president of Chanel Japan, said: “If and when the problems at Fukushima are solved, we may see resilience and people indulge as we did see in Kobe after the big quake [in 1995]. But this time the tragedy is so huge and the impact on people’s daily life [even in areas beyond where the earthquake and tsunami struck] nobody can predict what will happen,”
Prada Japan president Davide Sesia said he was confident the market and country could overcome the situation in the longrun.
He said: “I expect that the recovery from the quake will be rapid but…it will take [at least a] few months.”