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Richemont shares plunged the most in more than two years on Friday after the Cartier owner said Chinese demand will be slower to recover than expected, clouding prospects for a market that has fuelled the luxury industry’s recent growth.

The Swiss watch and jewellery maker suffered a financial hit in Russia, failed to strike a deal for its online sales unit and forecast rocky times ahead, particularly in China. The stock fell as much as 14%, having lost almost a third of its value this year...

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