Economic chill dulls Chinese appetite for some luxury brands [CNBC]
TIFFANY (TIF)
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Source: CNBC
Mark Schiefelbein | AP A woman walks past a Tiffany & Co. store at a shopping mall in Beijing, November, 2018. The designer boutiques of Manhattan and Paris are feeling the chill of a Chinese economic slowdown that has hammered automakers and other industries. That is jolting brands such as Louis Vuitton and Burberry that increasingly rely on Chinese customers who spend $90 billion a year on jewelry, clothes and other high-end goods. The industry already is facing pressure to keep up as China's big spenders, mainstays for American and European retailers, shift to buying more at the spreading networks of luxury outlets in their own country. Last week, Tiffany & Co. showed how much well-heeled Chinese tourists matter to retailers abroad. Shares in the jeweler known for $5,000 watches and $400 silver baby spoons fell 12 percent after its CEO said they were spending less. In Hong Kong, the top shopping destination for mainland travelers, only a
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