Richemont Shares Fall on Sales Growth Miss
Richemont shares dropped despite beating consensus forecasts as jewelry sales growth missed expectations. Total quarterly revenue rose 13 percent, driven by strong domestic demand in key markets.
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CIE FINANCIERE RICHEMO-A REG shares dropped 9% on Friday morning after second-quarter jewellery growth missed expectations, sparking sector-wide slowdown fears. The luxury titan reported total sales rose 13% to €5.95 billion for the three months ending September, edging past analyst forecasts of €5.89 billion. The mixed results highlight cooling momentum in the high-end jewellery market despite robust domestic demand in key Western regions.
