The city, which is seeing tourism plummet amid months of protests, is poised to lose its leadership to the U.S. and China, said Jean-Marc Pontroué, chief executive officer of Panerai, a unit of Swiss luxury firm Richemont.
Watch makers have been among the biggest hit by the violent protests and headwinds from the U.S.-China trade war that have pushed Hong Kong into a recession. Tourism has plummeted across the board and retail sales fell 18% in September. Swiss watch exports to Hong Kong fell 4.6% in September. Panerai is joining other luxury goods makers in expanding its footprint in mainland China to tap the world’s biggest consumer pool. Deterred by geopolitics and a weak yuan, Chinese shoppers are increasingly shifting their luxury spending back home.
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