Cartier reinforces retail ties in Brazil through Iguatemi flagship

"It's not a very good time for Brazil right now," said Gustavo Gomez, director of research and methodology at Envirosell, New York. "Brazil has slipped into recession, month to retail sales have slipped for many consecutive months and even ecommerce is seeing shrinking rates.

"The recession is also bad because it slows down the growth of the growing middle class that has driven Brazil's retail sales during the last few years," he said. "Unfortunately, the current uncertainty of the Chinese economy also hurts Brazil since China is Brazil's largest trading partner.