1135 GMT - Richemont sees potential in China in the medium term, but current troubles will take time to ease, Chief Financial Officer Burkhart Grund said. "We have a very strong negative wealth effect linked to the real estate problem in China and I think that is still persistent and will take years to work through," Grund said on an earnings call. Despite current woes, Chief Executive Nicolas Bos sees an opportunity to transform Richemont into a more agile organization. Investment in production capacities allows the group to shift production of collections depending on the evolution of sales or to change the allocation of stock from one market to another, he said. Shares are down 5.4% at 120.80 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 06:35 ET (11:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。