January 21, 2013 / 6:11 AM / in 5 years

Richemont gives cautious Asia outlook as sales stall

ZURICH, Jan 21 (Reuters) - Luxury goods group Richemont , maker of Cartier jewellery, gave a cautious outlook on Monday after slowing wholesale demand for its pricey products pushed third-quarter sales growth below forecasts.

Sales rose 5 percent at constant exchange rates between October and December to 2.862 billion euros, missing forecasts for a 7.6 percent rise in a Reuters poll as the previously booming Asia-Pacific region reported no growth.

“At this stage, it is unclear how business patterns may develop and how the business in the Asia Pacific region will evolve in the near future,” Richemont said in a statement. (Reporting by Emma Thomasson)

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