RICHEMONT WARNS OF TOUGH TIMES AHEAD

RICHEMONT, the luxury group behind Cartier watches and jewellery, has cautioned the strong sales growth it has seen so far this year may not last as economic uncertainty makes consumers more hesitant about splashing out on pricey goods. The world’s second-largest luxury goods group, which competes with Swatch and LVMH, posted a 35 per cent jump in five-month sales in constant currencies yesterday, beating expectations.