Luxury goods firm Richemont reports 1% decline in Q2 sales due to reduced Chinese demand.
Luxury goods firm Richemont reported almost flat sales for the three months ending in June, with a decline in Chinese demand pushing the overall result slightly below expectations. The Swiss company, which owns Cartier, said overall sales dipped 1% to €5.27bn ($5.74bn), reflecting growth in the Americas, Japan and Europe, but sales in the Asia Pacific region excluding Japan fell by 19% to €1.8bn. Sales in China, Hong Kong and Macau declined by 27%.
July 16, 2024
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