Swiss luxury group Richemont has announced an overall 14% slump in sales for the first five months of this year and issued a consequent profit warning for the six months that will end September 30, Gem Konnect reports. The group’s jewellery brand sales dropped 16% for the period while watch brand sales fell 19%.
Richemont owns various luxury brands, including the Cartier, Van Cleef & Arpels and Giampiero Bodino jewellery brands. According to the group, retail declined overall, primarily due to Europe and Japan. All other regions’ sales declines were low single digits, supported by jewellery and accessories.
The luxury group said, “We are of the view that the current negative environment as a whole is unlikely to reverse in the short term. However, we remain convinced of the long-term prospects for luxury goods globally, and in particular for watches and jewellery”.
