Folli Follie are to exit Hong Kong after shutting twelve stores in the territory, releasing sixty of its employees locally, the status of its stores in Macau remains unclear at this moment.
Folli Follie operates five stores under its own brand and another seven under the Links of London banner. Deloitte Advisory has been appointed liquidator for Folli Follie Group’s operations and is seeking buyers for the operations in China, Japan and Australia.
Hong Kong’s retail industry has been deteriorating since social unrest began a year ago, impacting tourist numbers. In April, retail sales declined 36.1 per cent with watches, clocks and jewellery down 76.6 per cent year-on-year.