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Freshly Squeezed: 03.12.19

Reading Time: < 1 minute
By Published On: December 3, 20190 Comments

Balmain's CEO steps down and Hong Kong's sales see a slump for the fourth month in a row. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.

Hong Kong Sales Slump Due to Riots

Hong Kong is feeling the pinch from retail as chaos pursues in the city. According to Bloomberg, retail sales have slumped 24.3 per cent in the same month of the previous year. Tourism has also seen a drop, slumping 43.7 per cent in October from a year ago to 3.31 million. “It’s very hard to imagine that the retail sales numbers and tourist arrival numbers will be any better in November given how much of a step-up in protest and violence that happened during that time,” explained Martin Rasmussen, a China economist at Capital Economics.

Balmain CEO Steps Down

The CEO of Balmain, Massimo Piombini, has stepped down from his role after two years. He began his role in April 2017 and piloted the brand through its global expansion phase. “Under his leadership, the company has experienced a significant growth and organizational evolution, setting solid basis for further growth of the brand in the next years,” Balmain said in a statement. “The house wishes him well on his future endeavours.” Mr Piombini’s exit comes as the luxury fashion house plans further expansion across the globe. Over the last few years, Balmain plans to open stores in Miami, São Paolo, Paris, Moscow and Hong Kong. The fashion house has also signed a lease for a flagship in New York, which is scheduled to open in the first half of 2020.

Catch up on yesterday’s Freshly Squeezed news here.

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