Richemont loses its shine

Compagnie Financiere Richemont, the Swiss luxury goods group controlled by the Rupert family, dropped earnings by almost a third in the year to March, showing that even the rich have lost some of their buying power in the global economic crisis. While the decline in earnings was widely expected, the retirement of chief executive Norbert Platt, who will leave the group at the end of this year, was not. - Marcia Klein

Compagnie Financiere Richemont, the Swiss luxury goods group controlled by the Rupert family, dropped earnings by almost a third in the year to March, showing that even the rich have lost some of their buying power in the global economic crisis. While the decline in earnings was widely expected, the retirement of chief executive Norbert Platt, who will leave the group at the end of this year, was not. - Marcia Klein

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