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· Richemont
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Jump to full article: Bloomberg News, 2008-09-10
Author: Thomas Mulier
Intro: . Financiere Richemont SA, the world's largest jewelry maker, said five-month revenue gained 11 percent on Chinese demand for Cartier necklaces and Piaget watches.
Sales rose 11 percent from April through August, the Geneva- based company said today in a statement, matching the 11 percent median of 12 analysts' estimates gathered by Bloomberg News. Growth weakened from the first quarter's 13 percent and Richemont said the U.S. market is slowing, while the luxury goods industry faces ``difficult'' conditions beneath the top end of the market. . . .
The jeweler is splitting into a luxury-goods maker and an investment company at the same time that it spins off a 27 percent stake in British American Tobacco Plc to avoid higher taxes. The holding is co-owned by Remgro Ltd., which also is controlled by South Africa's billionaire Rupert family.
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