Among its five main business divisions, fashion and leather goods — the largest — saw revenue fall 8%. Selective retailing was flat year on year. Watches and jewelry declined 1% in reported terms but rose 3% organically, while perfumes and cosmetics, and wines and spirits, fell 3% and 9%, respectively.
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Wright's visit came shortly after Venezuela's National Assembly passed a law to allow both private and foreign investment in its oil industry, following two decades of tight state control.