Cartier owner Richemont said weaker consumer spending in China hit sales, particularly at its watch brands, as a luxury downturn that is hurting most players in the industry rumbles on.

The new collab with Noah offers some big improvements over their last watch, but the low price remains unchanged.

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit the luxury sector. Richemont said ...