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.

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China.

ZURICH (Reuters) -Cartier jewellery owner Richemont reported on Friday a 1% dip in sales during the three months to the end of September, the latest luxury company to report tougher conditions as China weakened.