Richemont 5-month sales rise 9 pct, weak demand in China weighs
ZURICH, Sept 12
ZURICH, Sept 12 (Reuters) - Luxury goods group Richemont said five-month sales rose 9 percent, just shy of estimates in a Reuters poll amid weak demand for its high-end watches in Greater China.
"Asia-Pacific was led by good growth in Hong Kong and Macau, offset by lower sales in mainland China, largely reflecting a prudent consumer sentiment after several years of exceptional expansion," the maker of Cartier jewellery and Piaget watches said in a statement on Thursday.
Analysts in a Reuters poll had forecast sales growth of 9.3 percent at constant exchange rates.
Luxury goods groups have grappled with weak demand in their most important growth market, China, but recently signs are adding up that demand may be recovering.
(Reporting by Silke Koltrowitz and Alice Baghdjian)
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