Luxury Sales Plunge in China as Tax Push Hits Wealthy Shoppers

Global luxury brands are facing a deepening sales slump in China, as the country’s campaign to tax offshore wealth sends ripples from stock markets to casino floors and dampens spending by the country’s richest consumers. Global luxury brands are facing a deepening sales slump in China, as the country’s campaign to tax offshore wealth sends ripples from stock markets to casino floors and dampens spending by the country’s richest consumers.