Richemont shares fall

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Richemont Reuters. People walk past a jewellery store offering watches of Swiss luxury watchmaker International Watch Company (IWC), which is part of Swiss luxury goods group Richemont at the Bahnhofstrasse in Zurich.

Johannesburg-listed shares of Richemont fall more than 6 percent after the luxury goods retailer reports disappointing third-quarter sales figures and says the near-term outlook for its Asia-Pacific business is unclear.

Sales in the three months to the end December failed to meet expectations, rising 5 percent at constant exchange rates and 9 percent at actual rates.

Richemont shares are trading 6.7 percent lower at 70.35 rand, compared with a 0.7 percent fall in the JSE Top-40 blue-chip index. - Reuters

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