Shares of Cartier owner Richemont jump 17% as sales rise 10% in December quarter

Shares of Cartier owner Richemont surged 17.15% after reporting a 10% increase in fiscal third-quarter sales, reaching 6.2 billion euros, its highest ever quarterly figure, defying China demand challenges. Other luxury stocks like Christian Dior, LVMH, and Hermes also rose as Richemont’s results signaled a positive outlook for Europe’s luxury sector during the holiday season. Despite double-digit growth in most regions, sales in Asia Pacific, particularly in mainland China, Hong Kong, and Macau, declined 7%, reflecting the ongoing struggle of the luxury market to recover from the pandemic.

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