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CEO Alexander Lacik told Reuters the jeweler’s business in China is in “standstill mode” as a result of the coronavirus.
The Swiss watch company lost $206 million in Hong Kong in the second half of the year alone.
The luxury titan’s watches and jewelry segment brought in nearly $5 billion in 2019.
The owner of Cartier and VCA recorded a 6 percent year-over-year increase in jewelry sales between October and December.
The retailer has upped the number of stores it plans to close from 150 to 165.
The jeweler’s shareholders will vote on the multi-billion-dollar merger in February.
Though like-for-like sales were down, the Danish jeweler highlighted its improvement when compared with previous quarters.
Sales climbed as much as 3 percent for the jeweler, which noted a “momentum shift” in the Americas.
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.