Coach Reduces The Number Of Stores In Hongkong

The US leather goods brand, Coach, has closed down one of the three flagship stores in Hongkong this week. The reason is that the economic downturn has led to a sharp decline in visitor arrivals in mainland China, which is located in Queen's road, central Hongkong, where high rent and labor costs and sales slump also affect other businesses.

The company expects sales growth in China to drop to around 5% in the current fiscal year.

China

Hongkong has always been a major customer in the luxury retail industry, but slowing economic growth and the recent devaluation of the renminbi have affected their purchase of cosmetics.

And other consumer desires.

Hong Kong and Macao pass issue tightening and Hongkong

Growth has also led to a decline in the number of mainland tourists.

In June this year, retail sales in Hongkong recorded a decline for the fourth consecutive month.

He said the store was officially closed in August 31st, but the company will remain strong in Hongkong and China.

In the early August, it said that the sales volume of mainland China in the fiscal year of 2015 increased by 9% to 595 million, but the growth in Hongkong and Macao slowed down.

Chief executive Victor Luis said in August 4th that "China's sales growth is mainly contributed by the mainland, because the number of mainland tourists to Hongkong and Macao continues to decline."