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ZURICH–Cie. Financière Richemont SA on Thursday reported lower-than-expected sales growth over the holiday season as difficult trading conditions in Hong Kong and other parts of Asia triggered a “significant decline” in the region.
Geneva-based Richemont, which owns the Cartier, IWC and Piaget brands, said sales in the three months to Dec. 31 rose 3.7% to EUR3.05 billion ($3.59 billion) from EUR2.94 billion in the same period a year earlier.
The increase was better than the 3% rise posted last year but missed analysts’ forecasts for sales of EUR3.095 billion.
Richemont, the world’s second-largest luxury group by revenue, doesn’t provide profit figures in its interim reports.
Sales in Europe and the Americas were up by 10% and 14% respectively, but the effect of this increase was reduced by “a significant decline in Asia Pacific,” Richemont said.
Watch and jewelry sales in Asia–the company’s second-largest market where it gen
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Richemont Sales Dented in Asia
Richemont Sales Dented in Asia -- Update
Richemont Sales Dented in Asia
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