Richemont cautious after fall in watch sales dents results

Zurich

CARTIER owner Richemont expects trading to remain volatile after net profit slid more than the market expected and watch sales fell 15 per cent in its latest financial year, sending its shares sharply lower.

Luxury watchmakers have been grappling with dwindling demand in their biggest markets, Hong Kong and the United States, but sales had improved of late thanks to easier comparisons and what appears to be a sustainable recovery in mainland China.

However, …