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Cartier owner Richemont has become the latest luxury goods group to warn that economic worries and global tensions are hitting businesses.
The Swiss company said third-quarter sales between July and September were only 5 percent higher than a year earlier.
That was a marked slowdown from the 19 percent increase in the previous quarter.
As such, sales for the six months rose a less than expected 6 percent to £9 billion, while profits were also lower than hoped at £1.3 billion.
Richemont shares fell 5.2 percent in Zurich.
Richemont chairman Johann Rupert said inflation, slowing economic growth and geopolitical uncertainties dampened sentiment.
China’s post-Covid-19 feel-good factor was also gone, as a real estate bust and record high youth unemployment weighed on sentiment.
“They’re not going out and busting their credit cards,” Rupert said, referring to Chinese customers, who make up 30 percent of Richemont’s sales. He said he was “very positive about the medium-term prospects.”