Global luxury giants LVMH, Hermes eye expansion on China’s Hainan Island in blow to shopping hotspot Hong Kong

In a blow for Hong Kong, global luxury goods companies such as LVMH Moët Hennessy Louis Vuitton (LVMH), Hermes and Richemont are exploring opportunities in China’s Hainan province, as they eye expansion in the world’s second largest luxury market.While LVMH and Hermes were eyeing new stores in the province, Richemont was investing more in Hainan and was planning to expand its local team, according to sources. Any pivot to Hainan will coincide with store closures in Hong Kong and could have a…


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