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Richemont shows strong profit rise
Richemont posted a 16% rise this year in sales to $2.34 billion
By: AFNS
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Nov 23 2005 12:00AM
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Reference: 112  

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Swiss luxury goods firm Richemont posted a 16% rise on the year in sales to $2.34 billion for the half year ending September 30, the company reported in interim results. Net profits for the period jumped 133% to $318 million.

The strongest growth was reported in the Americas, with an increase of 21%. Meanwhile, sales in the Asia-Pacific region and Europe grew 18% and 14 % respectively, while Japanese sales rose by 11 %. ” The strong growth in Japan was due to a return of consumer confidence as the economy showed signs of recovering,” said Richemont.
The firms Cartier, Van Cleef & Arpels and Montblanc brands as well as its specialist watchmakers posted double-digit percentage sales growth.

The strengthening of the global economy has boosted demand for luxury goods since the beginning of this year with increasing numbers of consumers buying diamond jewelry gems and diamond-encrusted watches. “We expects good Christmas sales but that there could be a slowdown in income and profits growth in the second half of the financial year, which ends in March 2006, compared with the first half due to tough comparisons with the corresponding period of 2004,” said Richard Lepeu Richemont finance chief.

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