Richemont reports strong global sales despite china slowdown

GLOBAL luxury brands group Richemont saw slow sales growth in China in the third quarter to December 31, 2023, despite global sales showing "strong momentum" with an 11% increase.

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The group said in an update Thursday its overall sales had seen a "very solid calendar year end", especially compared with "demanding double-digit comparatives in the prior-year period."

Sales in China, Hong Kong and Macau combined had increased by 2%, mostly led by activity in Hong Kong, the group said. Growth elsewhere in the group's Asia Pacific operations however was "robust", with noteworthy performance in the South Korean and Australian markets, directors said.