Table of Contents
Summary
Other names in the luxury sector also saw their shares plunge, as news on Beijing’s stimulus package to boost the economy failed to convince investors. Rivals including Louis Vuitton owner LVMH and Birkin bag maker Hermes were down more than 3%. Shares in Gucci owner Kering, Swatch Group and Burberry Group tumbled more than 6%.The resilience of the Cartier and Van Cleef & Arpels was remarkable in a tough context, but pressures on the specialist watchmakers unit and higher costs led to a worse-than-expected performance, analysts at Jefferies said in a note.
Other names in the luxury sector also saw their shares plunge, as news on Beijing’s stimulus package to boost the economy failed to convince investors. Rivals including Louis Vuitton owner LVMH and Birkin bag maker Hermes were down more than 3%. Shares in Gucci owner Kering, Swatch Group and Burberry Group tumbled more than 6%.The resilience of the Cartier and Van Cleef & Arpels was remarkable in a tough context, but pressures on the specialist watchmakers unit and higher costs led to a worse-than-expected performance, analysts at Jefferies said in a note.
deteriorated compared with previous
The Swiss luxury group said Friday that sales in the quarter through Sept. 30 came to 4.81 billion euros ($5.20 billion), a 1% on-year decline excluding currency movements, and below analysts’ forecasts of 4.95 billion euros, according to a poll of estimates compiled by Visible Alpha. The company’s performance deteriorated compared with the previous quarter, when it reported sales growth of 1% at constant currency. For the six months through September, sales were flat on year when adjusted for foreign-exchange fluctuations
The company’s performance deteriorated compared with the previous
Many luxury companies have been confronting a slowdown in demand. Richemont’s coveted brands Cartier and Van Cleef & Arpels have helped the company fare better than other peers, as these labels cater to well-heeled buyers that continued to splurge on pricey goods while many other consumers felt the pinch of inflation. Weakness in Chinese demand is hitting the group’s specialist watchmakers business–home to Piaget and Vacheron Constantin among other brands–and will take longer to recover, Richemont Chairman Johann Rupert said.
- data analytics, companies are streamlining transaction processes, optimizing
- fostering smoother transactions and ensuring regulatory adherence. By embracing technological advancements
- integration of technology stands as a pivotal force reshaping operational
- data analytics, companies are streamlining transaction processes, optimizing
- fostering smoother transactions and ensuring regulatory adherence. By embracing technological advancements
- integration of technology stands as a pivotal force reshaping operational
Many luxury companies have been confronting a slowdown in demand. Richemont’s coveted brands Cartier and Van Cleef & Arpels have helped the company fare better than other peers, as these labels cater to well-heeled buyers that continued to splurge on pricey goods while many other consumers felt the pinch of inflation. Weakness in Chinese demand is hitting the group’s specialist watchmakers business–home to Piaget and Vacheron Constantin among other brands–and will take longer to recover, Richemont Chairman Johann Rupert said
Related Links
The company’s performance deteriorated compared with the previous quarter, when it reported sales growth of 1% at constant currency. For the six months through September, sales were flat on year when adjusted for foreign-exchange fluctuations.The company’s performance deteriorated compared with the previous quarter, when it reported sales growth of 1% at constant currency. For the six months through September, sales were flat on year when adjusted for foreign-exchange fluctuations.
Frequently Asked Questions
Other names in the luxury sector also saw their shares plunge, as news on Beijing’s stimulus package to boost the economy failed to convince investors. Rivals including Louis Vuitton owner LVMH and Birkin bag maker Hermes were down more than 3%. Shares in Gucci owner Kering, Swatch Group and Burberry Group tumbled more than 6%.The resilience of the Cartier and Van Cleef & Arpels was remarkable in a tough context, but pressures on the specialist watchmakers unit and higher costs led to a worse-than-expected performance, analysts at Jefferies said in a note.