Richemont reports a slowdown in sales since May

The luxury goods conglomerate noted a moderate slowdown in sales growth over the past several months. Globally, the gross sales of all brands rose 23 percent in the period, with sales up 19 percent in the Americas, 27 percent in the Asia-Pacific region and 19 percent in Japan and with sales increase in Europe by 23 percent. Richemont Executive Chairman and CEO Johann Rupert said he expects the company’s operating and net profit for the six-month period ended Sept. 30 to be up 20 to 40 percent over last year. “The prevailing economic uncertainties, the moderation in sales growth since May and the very strong basis of comparison do not prevent us from maintaining our ambitious investment program,” he said. “Indeed we remain confident in the long-term potential of our Maisons.”