The Italian fashion group said the results were hit by lower consumer confidence in several markets, as the luxury industry continues to grapple with a period of volatility.

Bill Nelson said the account of multiple conversations between the billionaire and the Russian president was concerning.

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Hermes reported a rise in sales for the third quarter but looking ahead, it cautioned about global economic, geopolitical and monetary uncertainties.

The consumer goods giant reiterated its full-year guidance after underlying sales grew more than expected in the third quarter as shoppers welcomed easing price hikes and began buying more of the company’s branded products.