Richemont’s Sales Dip Amid Stalled Chinese Demand Despite Jewelry Resilience

Richemont, the Swiss luxury group and owner of prestigious brands like Cartier and Van Cleef & Arpels, reported a 1% decline in sales, amounting to €4.8 billion for the quarter ending September 30. This decrease was particularly influenced by an 18% drop in sales in the Asia Pacific region, with China experiencing a notable slowdown. While the jewelry division saw a 4% increase in sales, the watchmaking sector fell by 19%. Despite these challenges, shares have risen 6% this year, buoyed by confidence in its jewelry brands. The company has also undergone a leadership overhaul to enhance strategic decision-making amid a volatile global market.

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