Sales at Richemont, Johann Rupert’s luxury goods company, fell almost 50% in their first fiscal quarter to June, indicating just how much global consumer spending has shrunk in the wake of worldwide Covid-19 lockdowns.

The global luxury market has come under pressure this year as consumers hunker down during the worst economic downturn in generations. Consultancy Bain & Company, whose forecasts in the luxury goods sector are closely watched, in May predicted a contraction of 20% to 35% for 2020...

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