French liqueurs and spirits group Rémy Cointreau has warned that full-year operating profits will fall at least 20 per cent from the twin effects of economic uncertainty in Europe and a “sharp” slowdown in sales in China.
The warning pushed the company’s shares down 8.3 per cent to €65.99 in Paris trading.
It comes as luxury groups – from watchmakers to producers of the world’s most expensive handbags – begin to contemplate life without vigorous sales growth in China, following a government crackdown on personal spending and gift-giving by officials.
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