Inside Retail Asia breaking news, supplier information, product launches and consumer campaigns within the Hong Kong retail sector.
Hong Kong Latest News - Inside Retail Asia
February saw a catastrophic collapse in Hong Kong retail sales, which slumped a massive 44 per cent year on year, the greatest fall in the city’s history.
Health-and-beauty retailer AS Watson recorded 7 per cent growth last year despite the political unrest in its key Hong Kong market.
Hong Kong-listed apparel retailer Esprit has placed six German subsidiary companies in administration to give them protection during the coronavirus crisis which has decimated sales.
Chinese restaurant operator Tao Heung will shutter all 48 of its venues for more than a month following tightening restrictions on dining in Hong Kong.
US tech giant Apple has reversed restrictions on buying multiple iPhones from its online store imposed last week.
“From a long-term perspective, the Covid-19 outbreak will not last for an indefinite period of time and consumers’ needs for health and fitness products will definitely be heightened, which will contribute to the group’s swift recovery after the crisis.”
Record store closures and bankruptcies in the retail industry dented turnover and profit for supply-chain solutions company Li & Fung.
Apple has placed restrictions on bulk purchases of its iPhones in some Asian territories after the coronavirus outbreak caused interruptions to supply.
Hong Kong’s economic recession has proved a strong incentive for locals to sell off their luxury goods, according to a report by the Nikkei Asian Review.
Premier Investments has weathered a string of global crises, including Brexit, Hong Kong protests and Australia’s bushfires to post record sales and earnings in the first half of the financial year.
Hong Kong jeweller Luk Fook says its sales halved during the first two months of this year as the coronavirus outbreak caused extensive lockdown of mainland Chinese cities.