Both the Chinese mainland and Hong Kong continue to experience a slowdown in spending on luxury goods, with a slowing economy dampening consumer confidence, according to Deloitte China. David Lung, the company's managing partner, consumer products and retail sectors, made the remarks after reviewing the third annual Global Powers of Luxury Goods report, published by Deloitte Global on June 7. The report found that the average sales of each of the top 100 luxury goods companies reached $2.2 billion in 2015. Salvatore Ferragamo SpA earned 321 million euros ($358 million) in revenue for the January-March quarter this year, down 1.8 year-on-year, according to its interim financial results for...
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