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Hermès, Cartier’s Last Reliable Shoppers Are Retreating in China
Key Points
EXCLUSIVE Hermès and Cartier’s Last Reliable Shoppers Are Retreating in China Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. Sales at both brands in mainland China fell as much as double-digits in August and September compared to the year-ago period, according to two research firms surveyed by Bloomberg that track industry data. The drop is...
EXCLUSIVE
Hermès and Cartier’s Last Reliable Shoppers Are Retreating in China
Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands.
Sales at both brands in mainland China fell as much as double-digits in August and September compared to the year-ago period, according to two research firms surveyed by Bloomberg that track industry data. The drop is significant as Hermès International SCA and Cie Financiere Richemont SA’s Cartier had been relatively unaffected in the country as a broader slowdown in luxury consumption took hold in June, the firms’ data show.