- Richemont saw its sales fall by 1% in the three months to March 31
Cartier owner Richemont is the latest luxury goods group to be hit by a slowdown in demand.
The Swiss company, whose brands also include Montblanc, posted a 1 per cent fall in sales for the three months to March 31.
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Demand in China, in particular, has waned. Sales in the Asia Pacific region slid 12 per cent in the most recent quarter, Richemont said.
The group said Nicolas Bos would take the new job of group chief executive as it looks to shake off its economic woes.