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Gucci Owner Calls for Hong Kong Rent Cuts as Market Wilts

City Life In Almaty
Andrey Rudakov/Bloomberg
Updated on

Luxury companies including Kering SA are demanding lower Hong Kong store rents to reflect the island city’s waning appeal with wealthy Chinese shoppers.

The owner of the Gucci brand may close some of its shops there if those costs don’t come down, Kering Chief Financial Officer Jean-Marc Duplaix said late Monday.