Cartier maker Richemont’s annual profit plunges 67% and it expects the fallout from the coronavirus crisis to last for up to three years
) reported a 67% fall in annual profit on Friday and said the impact of the coronavirus could last up to three years despite signs of recovery in China.
“No one can say when we will see economic activity normalise,” Rupert said. “We may be looking at 12, 24,or 36 months of grave economic consequences. Rupert, who is known for his downbeat economic views, likened the outbreak to a “tsunami which moves from east to west”.Related Coverage Jewellery was more resilient, with sales up 2% and operating profit falling 7%, as customers bought necklaces, rings and other pieces as stores of value.
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