Luxury brands Swatch Group and Richemont released their last results and announced lower sales in Hong Kong.
By Luxus Plus
Many demonstrations have taken place in recent weeks in Hong Kong following the validation of a law authorizing extraditions to China.
These events influence the market and the volume of transactions has declined overall on the recent period.
The luxury sector is following this way, and the month of June is proving to be complicated, as shown by the results of the Swiss Richemont and Swatch group.
Swatch saws its turnover for the first half of 2019 fall by 4% and Richemont also saws its revenue decline in Hong Kong.
Hong Kong allows brands to access the growing Chinese high-end product market.
For example, for luxury watches, Hong Kong is the world’s largest export market.