Luxury brands from Prada to Cartier are counting the cost to their businesses of four months of unrest in Hong Kong that has kept tourists away and forced shops to shut, with upcoming results set to show the damage.
Months of increasingly violent protests in Hong Kong are taking a growing toll on the city's economy, weighing on confidence and scaring away tourists from one of the world's most vibrant shopping destinations.
Strong demand in mainland China helped Cartier-owner Richemont offset a weaker performance elsewhere in its first quarter, as protests in Hong Kong hit sales, revenues fell in Europe and its watch business faltered.
France accounts for over one quarter of the total sales of the top 100 luxury corporations worldwide according to Deloitte’s 2019 report, with 9 groups listed and LVMH, L'Oréal, Kering and Chanel in the top 10.
A Swiss court has backed Swatch Group in a trademark row with Apple Inc over the watchmaker’s use of the “Tick different” slogan, which Apple had decried as an infringement of its “Think Different” advertising campaign.