Pursuits
Richemont Christmas Season Sales Drop for First Time Since 2008
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Richemont, the maker of Cartier jewelry and IWC Schaffhausen timepieces, reported its first decline in Christmas revenue since 2008 amid weak demand for watches in Asia.
Revenue excluding currency shifts slipped 4 percent in Richemont’s fiscal third quarter, which ran through December, the Geneva-based company said Thursday in a statement. Analysts had predicted a 3 percent decline, according to the median estimate in a Bloomberg News survey.