A photo taken on June 11, 2015 shows Hermes Birkin bags at the Maroquinerie de la Tardoire, a Hermes workshop specialized in products made with calfskin, in Montbron, southwestern France. AFP PHOTO / MEHDI FEDOUACH
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Richemont, the maker of Cartier jewelry, said first-half operating profit would probably decline about 45 percent, while Hermes International SCA abandoned its annual sales growth target, adding to the gloom spreading across the luxury goods industry. Revenue slid 13 percent excluding currency shifts in the five months through August, Geneva-based Richemont said Wednesday, missing the median analyst estimate for an 11-percent decline. Swatch Group AG reported a 54-percent decline in first-half profit in July.Hermes shares fell as much as 7.7 percent in Paris, the steepest drop in almost three months, even as first-half profit beat estimates. Richemont dropped as much as 4.4 percent in Zurich, while LVMH declined as much as 2.2 percent.
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