Fortnum & Mason’s new Hong Kong store sells half as much as expected in its first week due to anti-democracy protests
Fortnum & Mason’s new Hong Kong store sold half as much as expected in its first week due to anti-democracy protests.
The Piccadilly department store’s first Asian shop opened nine days ago but increasingly violent protests on the island state have affected visitor numbers, hitting sales of a string of luxury brands.
Bosses were still upbeat, insisting custom would pick up once peace was restored. They said some customers in the new shop were spending as expected.
New horizons: The Piccadilly department store’s first Asian shop opened nine days ago
Fortnum’s chief executive Ewan Venters said: ‘If there is an extended period of peace then we will start to see visitor numbers recover. Hong Kong is going to bounce back beautifully and is going to be a great business.’
Fortnum & Mason reported a 10 per cent like-for-like sales increase to £138m and a 26 per cent jump in profits in its annual results.
New stores at King’s Cross, Heathrow Airport and Royal Exchange in the City, helped to attract shoppers to its Piccadilly site in central London, it said.
It reported a 6 per cent rise in like-for-like sales at the flagship store, helped by a 6 per cent rise in shoppers. Online sales rose by 13 per cent.