Tag Archives: Zuzanna Pusz

The crisis in the global luxury-goods industry deepened after Hermes International SCA abandoned a long-standing forecast and Richemont predicted a profit plunge that Chairman Johann Rupert deemed unacceptable. Cartier in Hong Kong © Bankoo | Dreamstime.com Richemont, the maker of Cartier jewelry, said first-half operating profit will probably decline about 45 percent and warned it may have to deepen cost cuts. Kelly...

Swatch Group AG said first-half profit fell by more than half — the most in at least 15 years — as demand for its watches in Hong Kong, France and Switzerland collapsed. © Radub85 | Dreamstime.com Sales fell about 12 percent, the Biel, Switzerland-based maker of Omega and Tissot timepieces said in an unscheduled statement on preliminary results. Analysts expected a 22 percent drop in net income and a 7 percent...