Shares in Cartier owner Richemont plunged as a slowdown in the US and worries about China hit luxury stocks around the world.
The Swiss company reported a seemingly impressive 19 per cent rise in first quarter sales amid strong demand in Asia following the lifting of Covid restrictions.
But shares fell 10.4 per cent as investors fretted about a 4 per cent slide in revenues in the Americas with demand in the US particularly weak.
Jewel role: Actress Elle Fanning (pictured) is the face of Cartier’s Grain de Cafe collection. The Swiss firm reported a seemingly impressive 19% rise in first quarter sales
Official figures showing the Chinese economy grew by just 0.8 per cent in the second quarter of the year also sparked concern about demand for other luxury goods.
Shares in Burberry fell 1.8 per cent and Louis Vuitton owner LVMH and rival French group Hermes were down 3.7 per cent and 4.2 per cent respectively.
The 4 per cent slide in sales in the Americas contrasted with a jump of 32 per cent in its Asia-Pacific business.
Jewellery sales rose 24 per cent as shoppers splashed out items such as Cartier’s £7,100 18 carat yellow-gold and diamond necklace and its £38,400 Love bracelet.
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