- Bloomberg•11 months ago
China’s almost three-year long crackdown on official corruption has taken down high-ranking "tigers", swatted low-level "flies", and curbed sales of Swiss watches and high-end liquor. “Since the new leadership two years ago and the crackdown to control the gift-giving culture, gift cards are no longer popular,” Parkson Chief Executive Officer Shaun Chong Sui Hiong said in a recent interview. Gift cards as a portion of Parkson’s Beijing store sales fell to 30 percent in mid-2015, from 40 percent in 2012, and to about 12 percent from 16 percent nation-wide, according to Chong.
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