MILAN (Reuters) - Italian luxury outwear maker Moncler (MONC.MI) said it suffered a 40% decline in Hong Kong sales during the third quarter due to ongoing protests and there was no sign of improvement for the remaining part of the year so far.
Chief corporate and supply officer Luciano Santel told analysts on Thursday that as a result of the turmoil the company had postponed or put on hold some investments in communication on the island. He also said Moncler was in discussions with local landlords to obtain lower rents.
“Hong Kong is worth 6% of our business and we are very happy with the remaining 94%,” Santel said, adding that the company did not expect turmoil there to have a material impact on its full-year margins.
Reporting by Claudia Cristoferi, editing by Silvia Aloisi