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COVID-19 clobbered Richemont's fourth-quarter sales as lockdowns in China, Hong Kong, and elsewhere closed stores and stopped international travel. Sales in link Hong Kong fell a horrific 67% versus the same period in 2019. Sales in the wider Asia Pacific region (excluding Japan) were down 36%. Japan dropped link 21%. Europe, hurt by the disappearance of the crucial Chinese "travel retail" customer, link was down 9%. Ditto for the Middle East, down 12%.