Reported about 4 hours ago
Richemont reported a surprising 10% increase in sales during the holiday season, fueled by strong demand for Cartier jewelry, indicating a potential recovery in the luxury goods market. This growth was significantly higher than the expected gain of less than 1%, with the Americas and Europe leading the performance, even as watch sales remained weak. The positive results buoyed Richemont's shares and offered hope for the luxury sector, despite challenges in the Asian market, particularly in China, where sales fell by 18%.
Source: YAHOO