Do weaker $500 athletic shoe sales in the US signal a change in fashion or a worrying economic trend?
On Friday, two major European luxury companies reported their latest quarterly results. British raincoat manufacturer Burberry said comparable sales rose 1% in the 13 weeks to July 2 from a year earlier. Richemont The company that owns Cartier and watch maker Vacheron Constantin, grew sales 12% in the three months to June thanks to continued strong demand for expensive watches and jewelry. While both companies did better than expected, their shares were both down about 3% in European trading.
