Cartier’s Parent Company Just Hit a Record $21.7 Billion in Annual Sales Thanks to China Opening Up

, Van Clef & Arpels, and Jaeger-LeCoultre, to name but a few) and the resilience of luxury shoppers but also acknowledged that “economic volatility and political uncertainty look set to remain features of the trading environment.”

Rupert later told analysts of the impact interest rate hikes are having on consumer sentiment and the U.S. economy at large, as reported by. He added the U.S. Federal Reserve Board had been “reckless” in raising interest rates so rapidly and frequently over the past year. Richemont’s sales in the Americas region actually grew by 27 percent over the past 12 months, but Rupert is forecasting a slowdown in growth this year.

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