Luxury and renowned brands Louis Vuitton and Fendi have both closed their stores at Time Square, Hong Kong.
The news comes following a reported dispute between LVMH, owner of Louis Vuitton and Fendi and Wharf Real Estate Investment Corporation (known as Wharf REIC), operator of the upscale luxury mall, located in the prime retail area of Causeway Bay in Hong Kong. The negotiations were regarding lower rent payments for the Louis Vuitton store, which were estimated to be around $650,000 in monthly rent.
A spokesperson for Louis Vuitton commented that staff members from the now closed Times Square store have been reassigned to other Louis Vuitton stores in Hong Kong.
A number of other luxury brands including Prada, Valentino, Chloe and Brunello Cucinelli have also all reduced their retail presence in the city in recent months. These closures can be attributed to the ongoing impacts and disruptions of the Coronavirus pandemic on the travel, tourism and retail industry.
