TAG Heuer is closing one of its Hong Kong boutiques in the face of diminishing footfall and high rents Bloomberg reports.
LVMH watch division president and TAG Heuer chief executive officer Jean-Claude Biver confirmed the decision to close the boutique on Russell Street in Hong Kong’s Times Square. The closure would leave TAG Heuer with two boutiques in Hong Kong.
However Biver stated that LVMH’s other watch brands still had plans to expand in Hong Kong saying “In total we foresee one or two openings for Hublot in the coming 24 months, and one, eventually two, for Zenith.” Hublot and Zenith both have two existing boutiques in Hong Kong.
Hong Kong is the world’s largest market for Swiss watch imports, but the territory has suffered a disastrous period since October last year when it saw a record level of monthly imports worth CHF 426.1million (£282.4m). Since then sales in Hong Kong, and resulting imports from Switzerland, have tumbled each month. In June this year Hong Kong imported watch worth CHF 256.2million (£169.8m).