Luxury Brands Face Declining Sales as Chinese Demand Wanes

Hugo Boss, Burberry, and Richemont among those reporting significant drops in Chinese market performance.

Hugo Boss cuts 2024 sales forecast due to weakening demand in China and the UK.
Burberry sees a 21% year-over-year decline in mainland China sales, impacting its stock price.
Richemont reports a 27% drop in sales for China, Hong Kong, and Macau in Q1 of fiscal 2025.
Chinese consumers are increasingly purchasing luxury goods overseas, especially in Japan.
Macroeconomic and geopolitical challenges are cited as major factors affecting consumer confidence.