LONDON/ZURICH, Jan 18 (Reuters) - Luxury retailers Richemont (CFR.S) and Burberry (BRBY.L) said they were optimistic that consumers in China would start spending again, helping offset three years of upheaval from the government's strict COVID-19 lockdowns and soaring infections.
Richemont (CFR.S), whose brands include Cartier jewellery and Swiss watches IWC and Jaeger-LeCoultre, also said it expected a strong rebound in China.
The European luxury sector is among the largest expected winners as China loosens COVID-19 restrictions that kept shoppers out of stores for months.
Richemont missed market estimates after sales in China plunged by a quarter, as customer traffic dwindled and staff were not available, leading to a reduction of boutique hours, or temporary closures of sales points, the company said.
Mainland China is currently 25% of Burberry sales, down from about 40% pre-pandemic.