LVMH’s Empty Chinese Megastore Signals Deepening Luxury Crash
www.bloomberg.com
Upmarket brands are scrambling to adjust strategy after being wrongfooted by the rapid downturn in Chinese spending.
  • davel@lemmy.mlEnglish
    5·
    2 days ago

    Coco Li, 46, used to spend about HK$600,000 ($77,000) a year — or roughly 20% of her income — buying luxury items. After losing her job as an executive at a multinational company in Hong Kong, she’s curtailed her habit and put some of her Hermes handbags up for sale on mainland Chinese online platforms.