Richemont reported a 1% YoY decline in overall sales to 5.27 billion euros ($5.74 billion) for the first quarter ending June 30, with growth observed in the Americas, Japan, and Europe. However, sales in Asia-Pacific excluding Japan, Richemont’s top market, plummeted by 19% to 1.8 billion euros ($1.96 billion), notably dropping 27% YoY in mainland China, Hong Kong, and Macau. The company attributed this decline to low consumer confidence and challenging year-on-year comparisons. Analysts noted Richemont’s resilient jewelry division, which posted 2% sales growth to 3.65 billion euros ($3.98 billion), exceeding expectations amid a tough economic backdrop and contrasting performances in the luxury sector.