ZURICH (Reuters) -Cartier jewelry proprietor Richemont (SIX:) reported on Friday a 1% dip in gross sales through the three months to the tip of September, the newest luxurious firm to report harder situations as China weakened.
The corporate, which additionally owns a string of Swiss watchmakers together with IWC, Jaeger-LeCoultre and Piaget, stated gross sales fell 1% at fixed trade charges to 4.81 billion euros ($5.19 billion), barely forward of analyst forecasts for 4.78 billion euros in a consensus cited by HSBC.
Large gross sales will increase within the Americas, Japan and the Center East helped offset a downturn within the Asia Pacific area, the place Richemont’s gross sales dropped 18%.
Richemont, like different luxurious corporations, has been battling weaker demand in China brought on by the financial slowdown on this planet’s second largest economic system.
Richemont’s luxurious rivals have reported combined fortunes just lately, with LVMH lacking third quarter gross sales forecasts, saying shopper confidence in China had fallen to pandemic-era lows.
There was additionally a divergence between Richemont’s jewelry enterprise, which remained extra resilient through the downturn, and watches, which continued to battle through the quarter.
The corporate, which makes necklaces, earrings and bracelets underneath the Cartier, Van Cleef & Arpels and Buccellati manufacturers, reported gross sales growing by 4% at its jewelry enterprise, higher than the 19% downturn in watches.
($1 = 0.9275 euros)
