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ZURICH — Cartier owner Richemont posted on 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.

ZURICH — Cartier owner Richemont posted on 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, the owner of Cartier, fell short of profit projections for the first half of the year and expressed caution regarding China's recovery, causing a decline in European luxury stocks.

Richemont—the luxury group owner of brands such as Cartier, Dunhill ... “Obviously there is a slowdown in China that we are experiencing,” Richemont CEO Nicolas Bos told reporters.

Richemont reported a double-digit drop in sales in China. Photo: Cindy Ord / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/File Cartier owner Richemont posted Friday a hefty drop in net profit for ...

ZURICH, Nov 8 (Reuters) - Cartier owner Richemont (CFR.S), opens new tab missed first half profit forecasts and remained cautious about a recovery in China on ... Musk watch SpaceX launch Starship ...

Shares of Richemont (SIX: CFR) fell over 6% on Friday following its first-half results, as weak demand from China weighed ...

The Cartier owner reported a 12% drop in ... SA in feeling the pinch from more cautious shoppers in China. Demand for luxury watches has also been softening more broadly following a pandemic ...

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 its ...