Richemont’s China Sales Fall 27%

Richemont’s revenues dipped by one percent as demand collapsed in China, Hong Kong and Macau. Sales in the region tumbled 27 percent in the six months through September, the Swiss luxury group said Friday.

In China, a lacklustre recovery from the coronavirus pandemic is dampening the economic optimism that typically drives luxury purchases. “The confidence factor is probably the most important; it is maybe at an all-time low. We have no clue how long it will last and don’t know if…