LVMH has closed two boutiques in the city’s Times Square mall after a reported rent dispute with its operator, Wharf Real Estate Investment Corporation. Spokespeople from both brands have confirmed the news, SCMP reports.
Louis Vuitton had reportedly been in negotiations with Wharf to lower the rent on its prime second-floor space, which cost it an estimated $5 million HKD ($650,000) per month. The brands aren’t the only luxury players rethinking their footprints in the city, which was a luxury retail mecca before pro-democracy protests and Covid-19 dealt harsh blows to tourism flows and sales: Prada, Valentino and Chloé have also closed boutiques in its major shopping districts.
Times Square still houses boutiques for LVMH brands Dior, Celine, Loewe and Givenchy.