Pursuits
Richemont Drops on October Sales Decline, New Cartier CEO
- Maker of IWC Swiss timepieces sees challenging second half
- Outlook spurs decline in shares of rivals LVMH and Swatch
Richemont Results: 1H Op. Profit Misses Estimates
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Richemont shares fell the most in two months after a surprise sales drop in October and the departure of the head of jewelry and watch label Cartier, which leaves the Swiss luxury-goods maker’s biggest brand without a permanent chief during the critical Christmas period.
The unexpected downturn also pushed shares of LVMH Moet Hennessy Louis Vuitton SE and Swatch Group AG lower. Cartier Chief Executive Officer Stanislas de Quercize has stepped down and will be replaced with the head of LVMH’s Japanese unit in January, the Geneva-based company said Friday. Sales dropped 6 percent last month at constant exchange rates as demand from retailers for watches has weakened, Richemont also said.