THE WHAT? The recent outbreak of the Coronavirus has begun to affect sales in South Korean travel retail, hitting cosmetic duty free shops as tourism fell during the lucrative Chinese New Year period, according to a report by Forbes.
THE DETAILS With the death toll for the virus continuing to rise, and Wuhan under lock down, the expected high footfall of Chinese tourists in North and South Korea over the Lunar New Year period has fallen significantly, eating into sales figures.
Share prices of AmorePacific have fallen 8.4 percent while LG Household & Health Care was down 7.12 percent as concerns over the shopping and tourism continue.
THE WHY? With pre-emptive measures continuing in airports and across the board amid fears of a pandemic in the Korean peninsula due to the deadly virus, the fallout of the situation will undoubtedly continue to negatively affect sales within the region.