Pedestrians walk pass stores in the usually-bustling streets of Tsim Sha Tsui, Hong Kong on Sunday. Many stores in the region were forced to close early due to the violent protests of opposition forces. Photo: Chen Qingqing/GT

Chinese mainland fashion company EPO Fashion Group announced Monday it will temporarily withdraw from the Hong Kong market as ongoing social unrest has scared off tourists and battered the city's retail industry.

The company, founded in Guangzhou, South China's Guangdong Province announced Monday on its WeChat that its overseas agent, V&A, had closed 14 stores in Hong Kong, including brands MO&CO., Little MO&CO. and Edition.

Other luxury brands have already closed stores in Hong Kong, the company's statement noted. 

The company said that "the temporary withdrawal from the Hong Kong market will not affect the development of its brands on the Chinese mainland" and consumers from Hong Kong can still buy its products through its online store.

The announcement came after anti-government protests in Hong Kong entered their 20th week, some of which have escalated into violence and vandalism.

The protests have seriously dampened Hong Kong's economy, which was until recently one of Asia's most popular travel destinations and a global financial hub. 

The hotel, retail and catering industries in Hong Kong have been seriously affected by unrest, Chan King, vice president of the Hong Kong Chinese Importers and Exporters Association, told the Global Times on Tuesday.

In August, retail sales in Hong Kong dropped almost 23 percent year-on-year to HK$19.1 billion ($2.4 billion), according to the city census and statistics department.

Closed restaurants and shops are now a common sight in the city, the Global Times reporter saw. 

Global luxury brands including Italy's Prada, France's Hermes and Cartier shut shops after months of unrest in the city drove tourists away, Reuters reported.

Chan gave an example of a teahouse, open for 20 to 30 years in Causeway Bay. The teahouse was said to have closed last Friday as it had run at a loss during the last few months. 

"If such a shutdown continues, there will be a wave of job losses in the service sector, which will slowly affect the financial industry and further damage Hong Kong's business credibility of more than 100 years," Chan said.

Stopping the violence was the most urgent and important task to restore the city's prosperity, Chan said.