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Consumer companies fell after fresh reports pointed to weaker growth at luxury firms, with Richemont shares dropping sharply following a slowdown in quarterly sales growth. The results added to a difficult year for the Swiss group and rival LVMH, whose shares have both fallen significantly year to date.
Richemont, which owns the Cartier luxury watch brand, reported slower quarterly sales growth. Its shares fell sharply after the update. Shares of LVMH, the owner of Louis Vuitton, were more or less flat.
Both companies’ shares are down significantly so far this year, following years of strong performance.
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