• by Steve McClellan  @mp_mcclellan, September 15, 2016

Richemont, the Geneva, Switzerland-based luxury goods company, has launched a global media agency review according to sources.

The company spends an estimated $400 million on ads annually, including approximately $135 million in the U.S.

Publicis Media’s Optimedia has handled the largest portion of the luxury company’s media assignment, including North America. It was not immediately clear if the firm was defending. A rep for the agency declined to comment.

The firm owns iconic brands in the luxury space, such as Cartier, Montblanc, Baume & Mercier and Piaget.

It’s been a tough year for the company, which issued a profit warning on Wednesday indicating that profits are likely to be down in the 45%-range for the six-month period ending September 30. Actual results for the period will be released in November.

“We are of the view that the current negative environment as a whole is unlikely to reverse in the short term,” the company stated in Wednesday’s release about profits. “However, we remain convinced of the long-term prospects for luxury goods globally and in particular, for watches and jewelry. Richemont is well positioned, with a strong balance sheet and a portfolio of long-established Maisons.”

Reps for Richemont didn’t immediately respond to queries regarding the review.