Hong Kong’s pro-democracy protests have been making a lot of people mad, specifically those who say they’ve lost a lot of money. But, one CEO said the financial squeeze of the protests is just a fleeting one compared with the crush of China’s austerity campaign on the luxury industry.
In an interview with Reuters, via Jing Daily, Joanne Ooi, the CEO of jewelry company Plukka, acknowledged that the protests have had a devastating impact on sales, but, she said, “it’s well acknowledged in the industry that sales have been depressed since the crackdown on corruption in China.”
Ooi said that she believes that the protests are just “a temporary adverse blip” while officials’ reluctance to travel to Hong Kong and go on a shopping spree, is a more long-term concern for the industry.
She also said that though it’s bad for business, she is behind the protesters. “I’m very supportive of the protests; of members of my team and my company who have been out there,” she said.
The protests have certainly hit Hong Kong’s economy hard, with political protest averse mainlanders reluctant to travel there and shops impossible to get to if they do. The BBC reported earlier this week that the ANZ bank estimates that the protests may cost Hong Kong retailers more than $2 billion Hong Kong dollars.
Is it really all about the money though?
by Alex Linder
[Images via Apple Daily]