Pursuits
Burberry, Richemont Say Mainland China Luxury Sales Rebound
- Domestic growth offsets decline in tourism to Hong Kong
- Burberry shares rise as much as 5.5% as reports damp concern
Pedestrians walk past a Burberry store in Hong Kong. The company's Hong Kong sales fell more than 20 percent.
Photographer: Xaume Olleros/BloombergThis article is for subscribers only.
Burberry Group Plc and Richemont said the luxury-goods market returned to growth in mainland China at the end of last year, a balm for an industry suffering from a slump in Hong Kong.
The British trenchcoat maker said on Thursday that sales in China returned to growth in the three months through December while Hong Kong revenue dropped more than 20 percent. The improvement helped Richemont, the maker of Cartier jewelry, report a 9 percent sales decline for the Asia Pacific region, compared with the 16 percent drop analysts had expected. Burberry shares rose as much as 5.5 percent in London.