Young Chinese businesswomen with an eye for luxury are increasingly treating themselves to Cartier goods, becoming key customers for the Richemont brand.

Cartier, maker of fine jewelry and watches for the wealthy, has expanded its range of more affordable products ahead of Christmas, meaning more than just a select few may find its red boxes in their stockings this year.

China could become Cartier's largest market within four years as it aims to double the number of stores on the mainland, Bernard Fornas, president and chief executive of Cartier, said at the China Investment Summit.

Cartier International N.V. said it would withdraw a lawsuit against Apple Inc that alleged two applications for the iPhone infringed on the trademark for the luxury brand's Tank watches;

Richemont, the world's second-largest luxury goods group behind LVMH, is cutting working hours at its main Cartier factory as the economic slowdown dampens demand for pricey timepieces.

Swiss firm Richemont, maker of Cartier watches and Piaget jewellery, said it will spin off its stake in British American Tobacco under a revamp prompted by tax changes.