Friday, 21st November 2008

 
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23 May 2008 - Tara Loader Wilkinson

Asia demand sustains luxury market

Richemont, the Swiss luxury goods manufacturer, has proved the luxury market is still buoyant after it reported an 18% rise in profits, boosted by strong sales in Asia.

Geneva-based Richemont, the owner of Cartier and the world's second largest luxury goods group to LVMH Moet Hennessy Louis Vuitton, reported a 10% rise in annual sales and an 18% rise in net profit to €1.6bn ($2.5bn) in the fiscal year ended March 31.

Chairman Johann Rupert said growth had been driven by a 21% rise of sales in Asia-Pacific, and that business in China was "exuberant".

However, sales in developed markets lagged, and growth fell to 3% in the Americas, due in part to the weak dollar, and Japan recorded a 4% loss in sales.

The company holdings include Cartier, Van Cleef and Arpels, Vacheron Constantin, Baume and Mercier, and Jaeger-LeCoultre.

Tags: Asia-Pacific , Results , Richemont , Switzerland

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