LVMH Is Shifting Out of Hong Kong as Luxury Shoppers Stay Home
- Conglomerate is moving head offices, people to mainland China
- Chinese consumer boom lifted company’s shares to a record
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LVMH is shifting resources out of Hong Kong, reflecting waning interest in what used to be Asia’s premium shopping hub as mainland Chinese consumers switch to shopping at home.
The top global luxury conglomerate wants to focus more of its investment in burgeoning metropolises such as Shanghai, Chengdu, Guangzhou and Shenzhen as Hong Kong loses its relevance in the Greater China region, according to people familiar with the matter, who asked not to be identified discussing private deliberations.