In addition to financial institutions, luxury firms are also increasingly finding Hong Kong’s strict Covid regime untenable for business with some pushing for relocation to another hub.
Pernod Ricard – French maker of spirits such as Jameson whisky and Martell cognac – has asked top executives from its Hong Kong office to temporarily relocate due to the difficulty of traveling under the city’s strict Covid regime, according to a «Financial Times» report citing unnamed sources.
All of senior management was asked to relocate temporarily late last year with Dubai being considered as an option.
«You need to travel to look after clients. When the rest of the world is opening up, it’s becoming difficult to justify [being based in Hong Kong],» said an unnamed person with knowledge of the matter.
Lux Exit
This marks the second luxury group that is reportedly planning to move executives away from Hong Kong in recent times.
Last week, hotel group Mandarin Oriental – majority-owned by Jardine Matheson – expressed similar sentiments about the difficulty of operating in the city under the tight restrictions with plans for temporary relocation of its executive team.
«As a base from which to run a business it’s very, very poor today,» said Mandarin Oriental chief executive James Riley in a separate «Financial Times» report. «When the borders are shut, this is a strange place from which to operate. Because you can’t go and visit a hotel or visit a customer or visit a potential owner. You can’t go anywhere.»
