Luxury brands could see sales in Hong Kong decline 10% to 60% compared to last year if protests continue through the end of 2019, Cowen data shows.
Luxury brands could see sales in Hong Kong decline 10% to 60% year-over-year if protests continue through the end of the year, Cowen data shows.
Management said sales grew 9% in Asia-Pacific in the first quarter with the exception of Hong Kong, with the protests and strength of the Hong Kong dollar to blame. “However, recently, political unrest has intensified in Hong Kong, paralyzing key parts of the city with flights cancelled. We view the ongoing turmoil in Hong Kong combined with lower tourism inflow due to the strengthening Hong Kong dollar can be a headwind for luxury retailers in our coverage.”
While Michael Kors parent Capri Holdings Ltd. CPRI, -4.50% only has about 4% of its sales in Hong Kong, it doesn’t have as much potential for making up those lost sales in mainland China. That could add up to a 1% earnings per share decline.See: Coach parent Tapestry downgraded twice as Kate Spade gets a makeover
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