Bloomberg reports that Gianni Versace will shut down its stores in Japan as there is decline in the demand for luxury goods.

The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website.

Versace, which entered Japan in 1981, isn’t the first brand to take this step. Last year Louis Vuitton scrapped its plans to open a store in Ginza, Tokyo.

Straight from Japan Kanto’s Syd 5 iPod Speaker packs in 80 watts of power, a bass reflex port, and a frequency response of 45hz to to 20Khz.

Audio is delivered through 5.25” low-range and and 3” high range drivers.

The SYD 5 weighs in at more than 20 pounds, and its four drivers are capable of surprisingly high volume.

Japanese Design house Felissimo is launching an inspirational new product called the 500 Colored Pencils, a subscription of 500 different colored pencils.

The way to get them is unique. If you order this product, you’ll get 25 color pencils each month. After 20 months, you will get all of them.

As the year progresses, your art will gain a new dimension, as 500 colors pretty much ensures you can capture almost any shade imaginable.

We have followed Hermes helicopter earlier too and today it’s time to tell you all about Japan’s first Hermes helicopter.

The service will provide a 30-minute luxury helicopter shuttle service between central Tokyo and Narita International Airport.

The Hermes helicopter features calf-leather seats and walls decorated with the brand’s signature Toile H fabric used in its leather goods.

If you think China is still a developing country, this piece of news is going to surprise you. China has overtaken the US to become the world’s second largest luxury market.

In 2008, China’s super-rich bought a quarter of the world’s luxury goods.

According to the World Luxury Association, affluent Chinese lavished US$ 8.6 billion on luxury goods last year.

Imagine a beach where the sky is always blue, it’s never too hot or cold, the water isn’t filled with salt and pollution, and the surf is always perfect.

Welcome to Ocean Dome, the world’s only indoor beach! Ocean Dome is known as the world’s largest indoor water park with a retractable roof.

The air temperature is always kept around 30º C and the water temperature is kept at around 28º C.