Strong sales in Europe and Japan helped luxury goods giant Richemont offset ongoing weakness in Asia for its jewelry and high-end watches. Among its units is Cartier. The firm reported that sales in the five months to the end of August jumped by 16%, aided by the lower value of the euro which made sales outside the eurozone worth more when converted into Richemont’s reporting currency.
Richemont is the latest luxury goods business whose financial results illustrate the weakness of Asian markets, where it reported an 18% plunge in underlying sales. The company said sales in Hong Kong and Macau were “significantly lower” than a year earlier, while wholesale sales fell as retailers reduced inventories.