Cartier owner Richemont posts dip in Q2 sales [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Big sales increases in the Americas, Japan and the Middle East helped offset a downturn in the Asia Pacific region, where Richemont's sales dropped 18%. Richemont, like other luxury companies, has been battling weaker demand in China caused by the economic slowdown in the world's second biggest economy. Richemont's luxury rivals have reported mixed fortunes recently, with LVMH missing third quarter sales forecasts, saying consumer confidence in China had fallen to pandemic-era lows. There was also a divergence between Richemont's jewellery business, which remained more resilient during the downturn, and watches, which continued to struggle during the quarter. The company, which makes necklaces, earrings and bracelets under the Cartier, Van Cleef & Arpels and Buccellati brands, reported sales increasing by 4% at its jewellery business, better than the 19% downturn in watches. ($1 = 0.9275 euros) (Reporting by John Revill, Editing by Friederike Heine) Recommended Stories
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