Swiss luxury group Richemont reported weaker than expected quarterly sales over the crucial Christmas shopping season following a Covid-19 surge in China that slashed customer demand.
The Cartier-owner said sales in China fell 24 per cent in the three months to December after China abruptly ended its contentious “zero-Covid” policy, which led to soaring infection rates and widespread disruption.
Strong demand in Japan and Europe was not enough to offset the hit. High-end watch sales also dropped but the company said that sales had improved in January.
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