RICHEMONT reported a slump in profit in the first half as the Swiss luxury group’s watchmaking division suffered from cooling demand in China. Read more at The Business Times.

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit

By John Revill and Mimosa Spencer ZURICH (Reuters) -Cartier owner Richemont missed first half profit forecasts and remained cautious about a recovery in China on Friday, sparking a sell-off in European luxury stocks.

The Cartier owner said weaker consumer spending in China hit sales as a luxury downturn that is hurting most of the players in the industry rumbles on.