1423 GMT - Richemont's results have limited positive implications for its smaller Swiss peer Swatch Group, UBS analysts write in a note. The owner of Cartier on Thursday reported sales for its fiscal third quarter that exceeded analysts' projections. Although the better-than-expected growth of Richemont's watches division seems to have been taken as a positive read-across to Swatch, UBS analysts say they don't share the same view. This is due to Swatch's less-wealthy clients, who have reduced luxury purchases and to its exposure to China, where luxury companies are facing sliding demand. Shares in Richemont are up 1.5%, while Swatch shares are down 2.1%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 17, 2025 09:30 ET (14:30 GMT)
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