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Times

Richemont defies luxury downturn with strong jewellery sales

Resilient demand for fine jewellery has helped the owner of Cartier and Van Cleef & Arpels defy the broader downturn in luxury spending. Richemont, the Swiss luxury group, posted stronger-than-expected sales in the fourth quarter and signalled it would resist aggressive price increases despite the threat of US tariffs. It reported a 7 per cent rise in sales to €5.17 billion for the three months to the end of March, outpacing analysts' forecasts. An 11 per cent jump in jewellery revenue helped to offset a sharp drop in watch sales amid weaker sentiment in China. Shares in the Swiss-listed company climbed CHF11.22, or 7.3 per cent, to CHF165.32 in mid-afternoon trading on Friday, taking gains for the year to 17 per cent, in stark contrast