Richemont boosted by Asia, but Americas weigh
STORY: Luxury group Richemont reported a 14% increase in first-quarter sales on Monday (July 17).
The maker of Cartier jewellery and Jaeger LeCoultre watches saw a strong rebound in Asia for its high-end jewelry.
Richemont said its overall sales jumped to just under $6 billion over the three months to the end of June.
But that was below some analyst expectations, and shares plunged around 8% in early trade in response.
Investors noted a downturn in the Americas, where sales fell 4%.
Concerns have risen about a slowdown in luxury demand there in recent months.
Richemont, which also owns brands like Chloe, Montblanc and Dunhill, said organic sales rose just under a fifth.
Analysts had expected slightly more.
Asia-Pacific business was the real bright spot.
Demand there was helped by the end of health crisis restrictions and the reopening of borders.
That pushed the company's sales up by close to a third in the region.
