Suddenly, luxury stores miss high-spending Chinese tourists


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Tiffany is considered a bellwether for luxury goods, which is why shares of Ralph Lauren and Movado also fell on Wednesday in the US, even as the broader stock market climbed sharply.


Tiffany’s third-quarter revenue rose 4 per cent to just above $US1 billion ($1.4 billion), yet industry analysts were anticipating a bigger boost. Part of the reason for the surprise was fewer tourists, particularly Chinese tourists, at stores in places like New York and Hong Kong.


“We don’t see a slowdown of demand by the Chinese. What we see is that Chinese tourists are travelling less,” said Mr Bogliolo in a phone interview on Wednesday.


In fact, Mr Bogliolo said that Tiffany’s business in mainland China remains strong, achieving double digit sales growth throughout the year. In response to the shift, Tiffany’s is increasing its inventory at its stores in mainland China so it’s not missing out on any sales.


Mr Bogliolo speculated that the deteriorating value of China’s currency is to blame for the drop in Chinese tourists.


Article source: https://www.watoday.com.au/technology/ups-and-downs-of-new-apple-watch-heart-monitor-app-20181010-p508tt.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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