Richemont, the Swiss luxury group, said that it expected its annual net profits to rise about 30 per cent, countering concerns that a slowdown in Asian demand could curtail the recent success of luxury goods companies.
The voracious appetite of Asia’s nouveaux riches for upmarket goods has been an important factor behind the strong performance of luxury goods companies, particularly Swiss watchmakers, in recent years.
However, since the autumn, Swiss watch exports have started to fall, as a general slowing of Chinese economic growth has coincided with a sharp crackdown by president Xi Jinping on the custom of giving luxury items such as watches as gifts, which is widespread in Chinese business circles.
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