Tapestry Cuts 2024 Sales View, Richemont's Profit Misses Forecasts, CEO Warns of Softening Demand, Stock Performance Affected

Tapestry, the maker of Coach handbags, has reduced its 2024 sales outlook due to slowing demand. Richemont, the owner of Cartier, reported weaker-than-expected earnings, with the CEO warning of softening demand across all categories, indicating a luxury downturn. Despite strong sales for Cartier and Van Cleef, the company's stock performance has been affected by economic worries and the CEO's caution about big-spending. This caution is reflected in the stock's performance, which is comparable to or even worse than Kering, rather than Hermes or LVMH.