Richemont sees slight rise in jewellery sales despite China drop
Richemont posted a slight rise in sales in the first quarter as solid results from its jewellery brands offset declines from China and its luxury watchmakers.
Richemont, which also owns Swiss watch brands including IWC, Jaeger-LeCoultre and Piaget, is facing slowing demand for its pricey products, particularly in China, where consumers have turned cautious as the economy falters. Sales in all regions beyond Asia Pacific were higher, underscoring the acute weakness in China. Richemont report’s follows worse-than-expected financial results from Swiss watchmaking rival Swatch Group AG, which posted The quarter saw a"reassuring, robust sales performance from Richemont, given the shock of Burberry and Swatch Group yesterday," Vontobel analyst Jean-Philippe Bertschy said in a note to clients.
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