Richemont sees double-digit sales decline in Hong Kong amid protests
Protests in Hong Kong weighed on the luxury-goods marker’s results, though this was offset by a strong performance in China and Japan
08 November 2019 - 09:05
Johann Rupert’s Richemont, the luxury goods group that owns the Cartier brand, said on Friday sales in Hong Kong contracted by double-digits in its six months to end-September due to protests in the wealthy city.
Group sales rose 9% to €7.39bn (R120bn), less than the €7.46bn expected by analysts polled by Bloomberg. A stronger Hong Kong dollar vs the renminbi, which weighs on tourists spending, also put pressure on the market...
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