LONDON, United Kingdom — Last year, China’s luxury market dipped 2 percent to CNY113 billion (about $17.2 billion). The chief culprits? Declining sales of menswear, watches and leather goods, according to Bain & Company.
For luxury menswear purveyors like Zegna, Dunhill and Hugo Boss, all of which moved into China in the ‘90s and rely on the region for a significant part of their businesses, this is bad news. Last year, Zegna’s sales in China — the company’s largest market — fell 5 percent, while Hugo Boss’s China sales fell 2 percent in local currency, dragged down by poor menswear sales, which declined by a double-digit rate for the second consecutive year.
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