The Swiss luxury group Richemont, known for its prestigious brands like Cartier and Vacheron Constantin, has reported a notable decline in its sales, particularly in the key market of China. The company’s six-month sales fell by one percent overall, with sales in China, Hong Kong, and Macau plummeting by an alarming 27 percent from the […]
UK Retail Sales Rise Unexpectedly as iPhone Offsets Budget Gloom
In a remarkable turn of events, UK retail sales experienced an unexpected increase of 0.3 percent in September, mainly fueled by a surge in consumer technology demand, particularly for the newly released iPhone 16. This positive development provides a crucial boost for the incumbent government amid a backdrop of rising tax concerns and declining consumer […]
Kering Stock Rating Cut to ‘Sell’ as Goldman Doubts Luxury Rally
Analysts at Goldman Sachs Group Inc. have expressed serious concerns about the stability of the recent rally in luxury-goods stocks, primarily driven by stimulus measures announced in China. These analysts have downgraded Kering SA, the parent company of Gucci, to a “sell” rating, highlighting a challenging outlook for the luxury sector. Louise Singlehurst, a Goldman […]