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Richemont’s Rupert Forecasts ‘Volatile Times’ Amid Global Crises

  • Chinese demand will suffer longer than people think: chairman
  • Political divisiveness threatens ‘feel-good’ factor: Rupert
Richemont’s profit rose to 3.39 billion euros ($3.6 billion) in the year through March.

Richemont’s profit rose to 3.39 billion euros ($3.6 billion) in the year through March.

Photographer: Tomohiro Ohsumi/Bloomberg

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Richemont shares plunged the most in more than two years after the Cartier owner said Chinese demand will be slower to recover than expected, clouding prospects for a market that’s fueled the luxury industry’s recent growth.

The Swiss watch and jewelry maker suffered a financial hit in Russia, failed to strike a deal for its online sales unit and forecast rocky times ahead, particularly in the key market of China. The stock fell as much as 14% Friday, losing almost a third of its value this year.