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Jewelry maker Cie. Financiere Richemont SA, whose brands include Cartier, Vacheron Constantin and Montblanc, reported its third quarter sales dropped as demand for luxury goods fell "dramatically," amid the global economic downturn, the company said.
Geneva-based Richemont reported its "toughest" market conditions in 20 years. Its revenue fell 7 percent to 1.55 billion euros ($2.1 billion) in the third quarter compared to 1.67 billion euros in the same period of 2007, the company said Monday in a statement.
"Given the current economic climate and the
uncertainties facing us, we see no cause for
optimism. We must assume that there will be no
significant recovery in the foreseeable future and plan
accordingly to cope with this situation," the company said in the statement.
Shares of Richemond fell Monday in Zurich to 16.89 Swiss francs, the lowest price since August 2004 according to Bloomberg.
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