Chinese fashion company, EPO Fashion Group, announced on Monday it will temporarily withdraw from the Hong Kong market as ongoing social unrest has scared off tourists and battered the city's retail industry.
The Chinese mainland company, which was founded in Guangzhou, South China's Guangdong Province announced on Monday on its WeChat that its overseas agent, V&A had closed 14 stores in Hong Kong, including its MO&CO., Little MO&CO. and Edition stores.
"Several foreign luxury brands have also closed their stores in the city," the company's statement noted.
The company said its temporary withdrawal from the Hong Kong market will not affect the development of its brands in the mainland.
The company said consumers from Hong Kong will still be able to purchase its products through its online store.
The announcement came after months of anti-government protests in Hong Kong, which have escalated into violence and vandalism.
Statistics show that the protests have seriously dampened Hong Kong's economy, which was one of Asia's most popular travel destinations and a global financial hub.
Retail sales in August fell 23 percent from a year earlier, according to government data. Closed restaurants and shops are now a common sight in the city.
Global luxury brands including Italy's Prada, France's Hermes and Cartier shut some of their shops in the region, according to Reuters.
