Asia-particularly japan-represents important markets for companies such as LVMH the financial turmoil that began in July 1997 and the subsequent currency devaluations and weakening of the yen have translated into lower demand for nent of luxury goods appeal lmvh executives are making a number of adjustments in response to changing business condition for example Patrick Chloe president of the perfume and cosmetics division has raised wholesale prices in individual Asian markets the goal is to discourage discount retailers from stocking up with designer product and then seling them to down-market consumers Also expenditures on perfume and cosmetics advertising have been reduced to maintain profitabil-ity in the face of a possible sales decline Vuitton chairman yves