UPDATE 2-Watch sales stall at Richemont as Hong Kong protests bite [Reuters]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: Reuters
China growth helps Richemont offset sales weakness in Europe - Reuters 3 Min Read PARIS (Reuters) - Strong demand in mainland China helped Cartier-owner Richemont ( CFR.S ) offset a weaker performance elsewhere in its first quarter, as protests in Hong Kong hit sales, revenues fell in Europe and it kept a tight leash on watch inventory. The Geneva-based group relies on jewelry for the bulk of sales, with brands like Cartier and Van Cleef & Arpels, but is also a major player in the tougher watch industry, which is under pressure as consumer tastes shift. After buying back large amounts of excess watch stocks in recent years, Richemont, known for high-end IWC and Jaeger-LeCoultre luxury timepieces, has been reducing wholesale distribution and carefully controlling inventory. It said a shake-up of its retail network had contributed to a 2% fall in watch sales in the three months to end-June, while more product launches were due later in the year. In addition, Hong Kong, the world’s big
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