Luxury brands are ditching China, and fast– but why?
French luxury group Kering closed two Gucci stores in Shanghai last month. Those closures followed at least eight in the ...
Gucci, Prada close more China outlets as consumers cut luxury spending
Store closures are also hurting mall owners and undermining projections for an end to the multi-year property market slump.
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China’s Love Affair With Luxury Has Cooled
The luxury journey of Xie, the 45-year-old consumer, started in 2008 at Beijing’s Shin Kong Place, a high-end mall. She had just received a year-end bonus of slightly more than $10,000 and ...