July 16, 2020 / 5:56 AM / 18 days ago

Richemont first-quarter sales nearly halve after COVID-19 disruption

FILE PHOTO: Visitors on the A. Lange & Soehne stand during the opening day of the Salon International de la Haute Horlogerie (SIHH) fair, where all brands of luxury giant Richemont present their new models, in Geneva, Switzerland, January 18, 2016. REUTERS/Pierre Albouy/File Photo

ZURICH (Reuters) - Luxury goods group Richemont (CFR.S) said it had seen “unprecedented levels of disruption” from the COVID-19 pandemic in the three months to June 30, leading its sales to almost halve, but most stores had reopened since.

Sales fell 47% to 1.99 billion euros (£1.81 billion) in the group’s first quarter, the maker of Cartier jewellery and IWC watches said in a statement on Thursday, a similar decline to peer Swatch Group (UHR.S).

Reporting by Silke Koltrowitz; Editing by Michael Shields

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