Luxury Group Richemont Reports Weaker Than Expected Earnings

Luxury group Richemont has today reported weaker than expected earnings as the owner of Cartier jewellery brand said the rising cost of living, economic headwinds and geopolitical tensions were weighing on customers' spending.

Richemont's constant currency sales growth eased from a 19% rate in the April to June period to a 5% rate in the following three months. Over the months from April to September, Richemont's results showed contrasting fortunes for its watches and jewellery businesses.

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