Shares of Cartier owner Richemont climb 6% on record full-year sales, new CEO

Shares of a luxury group increased by up to 6.3% after reporting record sales despite declining spending in Asia Pacific. The company stated that group sales reached an all-time high of 20.6 billion euros in the year to March, despite a weakening luxury brand outlook. Fourth-quarter sales fell 1% to 4.8 billion euros, driven by a slowdown in Asia-Pacific. The chairman mentioned a softening of sales in the region but highlighted higher growth in other regions. A sustainable rebound in Chinese demand is expected to take time.