Hong Kong losing its crown in luxury Swiss watch market: Panerai CEO

The city, which is seeing tourism plummet amid months of protests, is poised to lose its leadership to the U.S. and China, said Jean-Marc Pontroué, chief executive officer of Panerai, a unit of Swiss luxury firm Richemont.

Watch makers have been among the biggest hit by the violent protests and headwinds from the U.S.-China trade war that have pushed Hong Kong into a recession. Tourism has plummeted across the board and retail sales fell 18% in September. Swiss watch exports to Hong Kong fell 4.6% in September. Panerai is joining other luxury goods makers in expanding its footprint in mainland China to tap the world’s biggest consumer pool. Deterred by geopolitics and a weak yuan, Chinese shoppers are increasingly shifting their luxury spending back home.

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Hong Kong losing its crown in luxury Swiss watch market: Panerai CEOHongKong losing its crown in luxury Swiss watch market: PaneraiOfficial CEO
منبع: BusinessTimes - 🏆 15. / 51 ادامه مطلب »

Hong Kong police nab an investment banker in scuffle, firms tell staff to be cautiousHONG KONG (BLOOMBERG) - Firms across Hong Kong have urged workers to consider staying home to ensure their families' safety as protests rage.. Read more at straitstimes.com.
منبع: The Straits Times - 🏆 8. / 63 ادامه مطلب »