brand image

Kate Hardcastle, consumer specialist at Insight with Passion, said the incident was "a bruise to M&S's trusted brand image".

Their share prices are particularly badly affected because the President has both decimated their supply chains strategies, and also risks greatly impairing their brand image amongst global consumers.

Having two companies with their brand image at stake helps too, she said.

"Expect a very tight and narrow narrative and content as the Japanese royal family want to reinforce their conservative and safe brand image," says Mr Hughes.

The scandal has been a blow to Toyota’s brand image, as similar irregularities have emerged lately at other group companies like Hino and Toyota Industries.