Richemont (CFRUY) shares crashed 7% on Friday after it shocked investors with poor sales in Asia and the loss of a key executive.

The owner of brands including Cartier, Piaget and Chloe said global sales grew by just 3% in the six months to September, as sales in Asia plunged 17%. Profits for the period also came in below expectations.

Luxury brands have been hit hard by China’s anti-corruption drive. Earlier this year Burberry (BBRYF)and Louis Vuitton posted disappointing sales growth in the region.

In its report, Richemont said there had been a significant sales decline in Hong Kong and Macau, but growth had resumed in mainland China.

Richemont is seen as a bellwether for luxury brands, and shares in Louis Vuitton (LVMUY) and Swatch (SWGAF) both fell by around 5% on Friday.

Louis Vuitton’s parent company, LVMH (LVMHF), was dealt another blow by news from Richemont Friday.

Richemonte said Cartier CEO Stanislas de Quercize was stepping down with immediate effect, to be replaced by LVMH Japan president Cyrille Vigneron.

Vigneron has a long history with Richemont, where he worked mainly for Cartier between 1988 and 2013.

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