Luxury Brands Hermès and Cartier Face Sales Declines in China

• Luxury brands Hermès and Cartier are seeing steeper sales declines in China.
• This trend suggests a spending pullback by wealthy Chinese consumers.
• Hermès is also facing challenges in the Middle East.
• The economic backdrop in China and the Middle East is described as 'challenging'.
• This situation affects even the most resilient luxury brands.