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.

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.

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.

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

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.