The fierce protests that have been afflicting Hong Kong for months make another illustrious victim. This time it's up to Louis Vuitton, the world's largest luxury brand by sales, which announces that it is preparing to close one of its shops in the Asian city-state, where protests have affected demand and rents have reached too high prices, given the disorder and the very high tension situation that has reigned for over six months now.
The South China Morning Post newspaper reported the news. The fashion house, world leader in the production of bags, therefore intends to closing his shop in the Times Square mall, writes the newspaper citing sources familiar with the matter. The company for its part claims on its website that it has eight stores in Hong Kong.
The newspaper also reports that the decision to close comes after the company failed to reach an agreement with the owner to reduce rent costs at the mall. Wharf Holdings, the mall owner, and Vuitton did not immediately respond to requests for comment. For now, Vuitton's parent company LVMH, the Paris-based conglomerate that owns other fashion brands such as Christian Dior and Hennessy cognac, has not commented.
Luxury brands in Hong Kong are feeling the pinch since anti-government demonstrations escalated last June and they hope the unrest will abate in what is one of the world's top shopping destinations. So far, the luxury brands had only temporarily closed their stores in Hong Kong as the protests erupted.
