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Hong Kong protests hurt luxury brand sales

Hong Kong shopping district

An analyst at Canadian investment banking firm RBC Capital Markets LLC expects sales of most luxury brands to decline by 30%-60% during the third quarter in Hong Kong, The Straits Times reports citing Bloomberg. Recent data showed that retail sales in the city-state fell 23% year-on-year. The protests have also hit the tourism industry, with visits from mainland China down 42% in August.

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