ZURICH — Cartier owner Richemont posted on Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit the luxury sector.
Richemont said its profit after tax reached 457 million euros ($492 million), down from 1.5 billion euros in the same six-month period last year, as it booked a 1.2-billion-euro write-down from the sale of its Yoox-Net-A-Porter online fashion business.
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