The Cartier owner said weaker consumer spending in China hit sales as a luxury downturn that is hurting most of the players in the industry rumbles on.

Cartier jewellery owner Richemont reported a dip in quarterly sales on Friday, as the luxury goods group largely offset tougher conditions in China with growth elsewhere.

Luxury group’s jewellery brands, its biggest division housing Cartier and Van Cleef & Arpels, show resilience.

The response to the downturn and the impact of the election of Donald Trump were top of mind during a call with the Swiss luxury conglomerate’s management.

By John Revill and Mimosa Spencer ZURICH (Reuters) -Cartier owner Richemont missed first half profit forecasts and remained cautious about a recovery in China on Friday, sparking a sell-off in European luxury stocks.

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