1150 GMT - Richemont's jewelry division reported exceptional growth for its fiscal third quarter, but the luxury sector remains challenging, Vontobel's Jean-Philippe Bertschy writes. The Swiss luxury group has never been in such a strong position, especially as its jewelry brands have gained market share over the past two years, he says. "The fundamentals and structural trends remain strong, but we expect ongoing volatility in the coming months." Despite positive signs in the U.S., the environment in China remains challenging, Bertschy says. Vontobel downgrades Richemont's share rating to hold from buy. Shares are up 0.3% at 175.15 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 06:50 ET (11:50 GMT)
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