Tag: Luxury Goods

 Cartier owner Richemont , opens new tab enjoyed a surge in sales in China in its latest quarter, signalling on Thursday the resilience of the high end of the luxury market and sending shares of the Swiss watch and jewellery maker sharply higher.

In its fiscal second-quarter earnings report Thursday, Burberry reported that comparable store sales growth slowed to just 1%, down from 18% in the previous quarter, as momentum in China fizzled out.

ZURICH, Nov 10 (Reuters) – Luxury group Richemont (CFR.S) cautioned on Friday that economic worries and global tensions were weighing on consumer spending as the owner of Cartier jewellery reported first-half profits that missed forecasts, sending its shares down 6%.

Shares of luxury behemoth LVMH fell to their lowest level of the year on Wednesday after financial results disappointed.

China’s decision to lift a ban on group tours traveling to the U.S., Japan, South Korea and parts of Europe is great news for luxury stocks.

U.S. luxury companies including Michael Kors-owner Capri (CPRI.N) and Estee Lauder (EL.N) will likely record a hit to sales from a slower-than-expected recovery in key market China that likely exacerbated cooling demand in the U.S.