Luxury goods join Hong Kong retail slump as protests bite | 2019-07-20

Luxury goods join Hong Kong retail slump as protests bite

BBC

20th July, 2019 12:48:12 printer

Luxury goods join Hong Kong retail slump as protests bite

 

Luxury brand Richemont is the latest firm to report a hit to business over ongoing protests in Hong Kong.

The Swiss company said political unrest in Hong Kong, a key market for its watches, has knocked sales.

Retailers in the territory forecast a sharp sales drop this year due to the protests, while tourism is also suffering.

Demonstrators have filled Hong Kong's streets over the past month with more protests expected this weekend.

The demonstrations were sparked by a proposed extradition bill which would allow people to be sent to mainland China for trial.

But they now reflect broader demands for democratic reform and concern that Hong Kong's freedoms are being eroded.


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