0924 GMT - European luxury stocks trade lower after Cartier owner Richemont reported results that were weaker than analysts' expected. Shares in the Swiss luxury group--which also houses brands such as Van Cleef & Arpels, Piaget and Vacheron Constantin--fall 4.1%. The company's sales and profitability for the first half of fiscal 2025 both came in below consensus forecasts due to the worse-than-expected performance of its specialist watchmakers business in Asia, Stifel analysts say in a note. Shares in Swiss peer Swatch Group fall 5%, while Gucci owner Kering drops 4.6%. Other luxury stocks, including those oof Louis Vuitton owner LVMH, Birkin bag maker Hermes and Italy's Moncler all trade more than 2% lower. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 04:24 ET (09:24 GMT)
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