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Richemont shrugs off Hong Kong slowdown in first half

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By Reuters
Richemont shrugs off Hong Kong slowdown in first half
FILE PHOTO: Movement plates for watches of Swiss watch manufacturer IWC are seen at its new factory in Schaffhausen, Switzerland August 27, 2018. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)

ZURICH (Reuters) – Luxury goods group Richemont <CFR.S> said political protests in Hong Kong weighed on sales growth in the six months to Sept. 30, but strong demand in the rest of China, Korea, Japan and the United States more than made up for this.

Demand for Swiss watches has been subdued, notably due to unrest in key market Hong Kong, but Richemont has fared better than watch-focused Swatch Group <UHR.S> thanks to its presence in the faster-growing jewellery category.

Sales at Richemont rose 6% at constant currency in the first half of its 2019/20 fiscal year, and net profit was broadly stable excluding a one-off gain in the year-ago period, the maker of Cartier jewellery and IWC watches said in a statement on Friday.

(Reporting by Silke Koltrowitz; Editing by Michael Shields)