Cartier proprietor Richemont posted Friday a 20-percent drop in internet revenue for the primary half of the yr as gross sales sank in China, whose financial slowdown has hit the luxurious sector.
Richemont stated its revenue after tax reached 1.7 billion euros ($1.8 billion) within the six-month interval ending in September, decrease than anticipated by analysts polled by Swiss information company AWP.
International gross sales fell one % to 10.1 billion euros
Gross sales from the Asia-Pacific area have been down by virtually a fifth whereas all different areas on this planet posted “strong progress”, Richemont stated in a outcomes assertion.
Citing “diminished client spending” in China, Richemont stated progress in different Asian nations was “greater than offset” by a double-digit drop in gross sales on this planet’s second greatest economic system.
Final month, French group LVMH, the world’s greatest luxurious firm whose manufacturers embrace Louis Vuitton, Dior and Bulgari, reported a 4.4 % drop in third-quarter gross sales.
Gucci proprietor Kering stated its gross sales sank 15 % in the identical quarter on account of slowing client spending in China.
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