By  on December 9, 2016

HONG KONG — Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot flagship store here last week, joining a growing list of international brands that are closing boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

Abercrombie & Fitch and Forever 21 have similarly announced plans to shutter their Hong Kong flagships amidst the slowdown. Last year Coach made headlines for closing one of its biggest stores in the city. It’s likely they won’t be the last of the brands looking to reduce their footprint in what was once the holy grail of destination shopping for Chinese consumers. Luxury goods players like Louis Vuitton, Gucci, Chanel and Dior are highly exposed to the market with large networks of stores. On the lower end of the spectrum, Louis Vuitton has eight stores here while Dior has 15 and that is even before considering the latter brand’s beauty business.

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