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September 10, 2008
Richemont's Sales Slow In The U.S.
French luxury group Compagnie Financiere Richemont SA saw its sales grow 11% from April to August, indicating that some parts of the luxe market are still going strong.
Richemont, which owns the Cartier, Van Cleef & Arpels and Dunhill brands, among others, said sales were brisk in Europe and Asia-Pacific, but the U.S. is showing signs of a slowdown.
The group indicated that the lower and mid-tier luxury goods are being affected by the slowdown the most. Deep pocketed customers are still driving demand for big-ticket items, however.
Posted by Blacks on September 10, 2008 11:05 AM
