Cie. Financiere Richemont SA, the world’s largest jewelry maker, posted the slowest start to a year since the global recession as consumers held back on buying luxury goods in Hong Kong, halting Asian growth.
Sales rose 4 percent excluding currency shifts in the five months through August, the Geneva-based owner of the Cartier and Montblanc brands said in a statement today. That’s the weakest growth for those months since 2009. Analysts estimated a 6 percent gain, according to the median of 18 estimates in a Bloomberg News survey. The stock fell as much as 4.3 percent, the steepest intraday decline in more than a year.