Burberry could take a £100 million ($122.4 million) hit to its sales in Hong Kong this year, according to Jeffries.

In a note to clients on Tuesday, a group of Jeffries analysts said that they expect the British luxury brand to be the badly impacted by protests that have taken hold of the city in recent months, describing the short term impact on its sales as being "painful." These analysts estimate that 8% of Burberry's total sales are generated in Hong Kong.

Read more:Hong Kong protesters say they're prepared to fight for democracy 'until we win or we die'

"We continue to believe this will force a rethink of its retail footprint here in the next 24 months or so as sales and sales densities generated hereon will no longer justify selling space of this size (and cost)," the analysts wrote. The note was first reported by The Telegraph.

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