Luxury sales have plunged in China as new tax measures weigh on the country’s wealthiest shoppers, a sudden chill across a market that powered a decade of growth.
Brands that leaned on Chinese demand now face the task of diversifying their regional exposure in a hurry.
The downturn reverses recent hopes of a rebound, with duty and levy changes prompting high spenders to delay or reroute their purchases.
For the industry, the plunge is a reminder of how quickly a single market’s tax policy can redraw the luxury map.
