Gucci owner Kering closes stores in China as virus hits it hard

Black leather, bejeweled shoes from Gucci, during New York Fashion Week on February 11 2020 in New York City, the US. Picture: GETTY IMAGES/EDWARD BERTHELOT

“We are seeing a sharp drop in traffic and sales in mainland China,” chair François-Henri Pinault said, adding that shops in China that remained open, including in Hong Kong, are on reduced hours. Italian puffer jacket maker Moncler said this week that shopper numbers at its Chinese stores had plunged 80% since the virus outbreak, while jeweller Pandora has said business in the country has ground to a halt.

The crisis has compounded a plunge in sales in Hong Kong due to months of anti-government protests. Kering’s fourth-quarter sales in the Chinese territory halved.

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