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Richemont sales fall 16%

Luxury goods group Richemont has posted a 16% sales decline, at actual exchange rates, for the five months to August 30

Richemont, which owns luxury brands including Chloe and Dunhill, saw European sales slump 22% over the period.

The group also suffered a sharp reversal in the Americas, where sales fell 35% but the Asia Pacific region delivered growth of 5% during the period.

Richemont chairman Johann Rupert said that retail sales had “fared reasonably well”, but the group’s wholesale business was down 21%, a decline that he attributed to retailers destocking - “most notably in the Americas.”

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