A decline in the number of shoppers from mainland China travelling to Hong Kong to buy luxury goods has continued to drag on Burberry, the British retailer best known for its trenchcoats and cashmere scarves.
Burberry said yesterday that sales from stores open at least a year in Hong Kong were hit by a “double-digit decline” in the three months to June 30, its first quarter, as fewer mainlanders headed to the city. Chinese shoppers account for 30-40 per cent of Burberry’s revenues globally, while Hong Kong represents 10 per cent of sales.
The problems in Hong Kong weighed on overall sales growth at Burberry during the quarter. Excluding the effects of
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