Luxury Loses Its Sparkle as China-US Trade Tensions Mount(BoF)


The article first appeared on the Business of Fashion.

LONDON, United Kingdom — Christmas has come early for Harry Winston. The legendary jewellery house acquired the Pink Legacy at auction for a record $50 million this month. The stone will be renamed the Winston Pink Legacy and will be added to the company's Legacy collection of rare jewels, which also includes the Winston Legacy, a 101-carat 'D' flawless diamond bought in 2013.

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Richemont, Tiffany and Michael Kors all reported a slowdown in sales growth, with Tiffany causing a panic by revealing that the ever-important Chinese tourists were not turning up in droves to its shops in the US and Hong Kong. Richemont’s sales in September were beginning to feel the pinch as a result of moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas; the company’s management set a cautious tone for the second half of its financial year.