Richemont lifted by the super-rich
Tuesday 17 January 2012
Expensive watches and jewellery such as the $20,000 (£13,000) Altiplano watch have helped the Swiss luxury goods group Richemont bring in sales of €2.6bn (£2.2bn) in the last quarter.
The luxury goods sector remains one of the strongest globally as the super wealthy keep spending in the face of wider economic turmoil.
Sales for the three months to the end of December were up by 24 per cent from €2.11bn on a year earlier, beating analysts' expectations.
Johann Rupert, the executive chairman and group chief executive officer, said: "The group's overall performance remains solid. Operating profit for the full year will be significantly higher than last year."
Richemont, which owns some of the biggest jewellery and watch brands including Cartier, Jaeger-LeCoultre and Piaget, said growth was solid across all regions, with Asia-Pacific the strongest.
Sales growth in Europe benefited from what experts have dubbed TLC, the "travelling luxury consumer".
Its online designer outlet Net-a-Porter.com also performed well.
However, some experts have pointed to a slowdown in growth as a sign that the sparkle of the sector could begin to tarnish.
Mr Rupert said: "As expected, the slowdown in sales growth relative to the first six months of the year reflects the volatile and challenging economic environment."
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Naked free runner captured in breathtaking photographs above London's streets
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Manchester United named Premier League's loudest fans despite late push by Chelsea according to 'Smart Meter' app
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
Heroin to be prescribed to Canadian addicts by doctors
Audacious North Korean kidnap plot foiled at Paris airport as 'Asian men' attempted to bundle student onto plane
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Revealed: the case against Bill Cosby – through the stories of his accusers
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
France 'blocks' Russian sailors from boarding a warship
Green Party Caroline Lucas interview: 'We could be on the edge of something very big'
iJobs Money & Business
Negotiable: Argyll Scott International: Hi All, I'm currently recruiting for t...
£50000 - £60000 per annum + benefits: Argyll Scott International: A Business A...
£30000 - £35000 per annum + benefits: Ashdown Group: PR Marketing & Events Exe...
$80000 - $110000 per annum, Benefits: Bonus and Employee Investment Scheme: Se...