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

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.

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