Louis Vuitton, whose growth in China came to symbolize the country’s rise in importance to the global luxury industry in the past decade, is closing stores in three cities in the country, the China Daily reported on Tuesday.
LV, whose parent LVHM Moet Hennessy Louis Vuitton is the world’s largest luxury group in terms of revenue, has closed one of two flagship stores in Guangzhou amid slow sales, the newspaper said. It already shut discount stores in Harbin, Guangzhou and Urumqi, the China Daily added, citing the Financial Times.
Consultancy Bain & Co. said earlier this year said China’s long-expanding luxury good market fell last year, hurt by easing economic growth, a government bid to curb gift-giving involving officials, and changes in distribution.
Retailers Giorgio Armani, Hermes and Versace have also been closing stores in the country since 2013, the China Daily said. LV will have about 50 stores in China after its closures.
LV, whose parent LVHM Moet Hennessy Louis Vuitton is the world’s largest luxury group in terms of revenue, has closed one of two flagship stores in Guangzhou amid slow sales, the newspaper said. It already shut discount stores in Harbin, Guangzhou and Urumqi, the China Daily added, citing the Financial Times.
Consultancy Bain & Co. said earlier this year said China’s long-expanding luxury good market fell last year, hurt by easing economic growth, a government bid to curb gift-giving involving officials, and changes in distribution.
Retailers Giorgio Armani, Hermes and Versace have also been closing stores in the country since 2013, the China Daily said. LV will have about 50 stores in China after its closures.
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