Luxury brands face sales decline in China due to economic slowdown and cautious consumers.
Luxury brands like LVMH, Hugo Boss, Burberry, and Daimler Truck Holding are feeling the impact of China's economic slowdown with sales dropping due to cautious Chinese consumers. LVMH reported a 14% decline in sales in China in the second quarter, while Chow Tai Fook saw a 20% slump in retail sales for the second quarter. The luxury sector is expected to face more difficulties as Chinese demand remains uncertain.
July 24, 2024
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