Hong Kong protests hurt luxury brand sales
Posted On: Oct. 7, 2019 6:22 AM CST
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.