Cartier owner Richemont is the latest luxury goods group to be hit by slowing demand.

Richemont, which owns Cartier, is the latest luxury goods group to be hit by a slowdown in demand.

The Swiss company, whose brands also include Montblanc, recorded a 1 percent drop in sales for the three months to March 31.

Demand in China, in particular, has declined. Sales in the Asia Pacific region fell 12 percent in the most recent quarter, Richemont said.

The group said Nicolas Bos would take on the new role of group chief executive as it seeks to shake off its financial problems.