Heard on the Street: Swiss Watchmaker Richemont Slows Down

Shoppers are leaving middle-of-the road luxury brands to gather dust but continue to spend on the best. Not great for luxury companies that own a mixed bag, such as Richemont. Shares in the Swiss group, which owns expensive jewelry makers Cartier and Van Cleef & Arpels as well as a string of more obscure labels, dropped 7% on Friday after it released disappointing quarterly results.