Luxury brands take a hit from sluggish Chinese economy [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Open this photo in gallery A Chinese tourist sits on Canton Road, the one-stop-shop high street of high-end brands in Hong Kong, on Nov. 29, 2018. Kin Cheung/The Associated Press 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 jewellery, 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 jeweller known for $5,000 watches and $400 silver baby spoons fell 12 per cent after its CEO said they were spending les
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