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Cartier owner Richemont has become the latest luxury goods group to warn that economic concerns and global tensions are affecting business.
The Swiss company said sales in the third quarter between July and September were only 5 percent higher than a year earlier.
This was a marked slowdown from the 19 percent increase seen in the previous quarter.
As such, sales for the six months rose a lower-than-expected 6 per cent to £9bn, while profits were also lower than expected at £1.3bn.
Richemont shares fell 5.2 percent in Zurich.
Richemont Chairman Johann Rupert said inflation, slowing economic growth and geopolitical insecurities were weakening confidence.
China’s post-Covid feel-good factor had also dissipated, as a housing crisis and record youth unemployment have weighed on sentiment.
“They’re not going to go out and blow up their credit cards,” Rupert said, referring to Chinese customers, who account for 30 percent of Richemont’s sales. He said he was “very positive about the medium-term outlook”.
