Richemont Q1 Sales Hit by Lackluster Chinese Demand

"The decline reflected both the low level of consumer confidence and the strong comparatives ranging from double-digit growth in the mainland to triple digits in Hong Kong and Macao over the prior-year period," Richemont said. Rival Swatch Group was feeling worse pain earlier this week, po...

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Bibliographic Details
Published inWWD p. 2
Main Author Conti, Samantha
Format Trade Publication Article
LanguageEnglish
Published Los Angeles Penske Business Corporation 17.07.2024
Subjects
Demand
Foreign exchange rates
Jewelry
Sales
Asia
China
Japan
Macao
Hong Kong China
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Summary:"The decline reflected both the low level of consumer confidence and the strong comparatives ranging from double-digit growth in the mainland to triple digits in Hong Kong and Macao over the prior-year period," Richemont said. Rival Swatch Group was feeling worse pain earlier this week, posting a 70.5 percent drop in first-half net income, and a revenue decline of 10.7 percent at constant exchange rates. The group's fashion, leather goods and consumer sales platforms generated a 6 percent sales increase, underpinned by a double-digit progression at Watchfinder and 4 percent growth at the group's fashion and accessories maisons.
ISSN:0149-5380