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Cartier owner's profit sinks as China sales slump
Cartier owner's profit sinks as China sales slump

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit the luxury sector. Gucci owner Kering said its sales sank 15 percent in the same quarter due to slowing consumer spending in China.