Rupert warns of ‘bread riot’ risks
SA tycoon sees inflation, Covid in China and political polarisation as major threats
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...