Bloomberg Luxury retail chains are losing their once-iron grip on Hong Kong’s shopping streets, as Covid-19 keeps visitors away and forces the city to shift towards restaurants catering to residents. Across the Asian financial hub, one in five shops targeting mainly Chinese tourists and selling jewellery, medicine, cosmetics, clothing and leather goods has closed since the third quarter of 2018 ...

Bloomberg AirAsia Group Bhd’s long-haul arm has offered to pay creditors just 0.5% of the more than $8 billion total debt they are owed and terminate all existing contracts as it tries to restructure, a document seen by Bloomberg shows. The carrier, AirAsia X Bhd, told creditors it is unable to meet immediate debt and other financial commitments based on ...

Bloomberg Saks Fifth Avenue’s e-commerce unit is interviewing potential underwriters this week for an initial public offering that could take place in the first half of 2022, Dow Jones reported, citing people familiar with the matter. The luxury retailer is targeting a valuation of around $6 billion, triple its worth in March, it added. After steps earlier this year to ...