Are weak sales of $500 sneakers in the US a sign of a change in fashion or a worrying economic trend?
On Friday, two of Europe’s biggest luxury companies reported their latest quarterly results. British raincoat manufacturer Burberry Said comparable sales increased 1% from the 13 weeks to July 2 compared to a year earlier. richmont The company, which owns Cartier and watchmaker Vacheron Constantin, grew sales by 12% for the three months to June due to continued strong demand for expensive watches and jewelry. While both companies outperformed expectations, both of their shares declined nearly 3% in European trade.