Richemont reports strong six months

Luxury goods group Richemont grew operating profit by 28% to €560 million (£400m) for the six months to September 30.

Sales at the luxury goods group rose by 11% to €2.5 billion (£1.78bn) over the period.

Richemont said that its Chloé brand was in a consolidation phase after seeing high rates of growth in recent years. It added that Chloé had been up against tough comparatives because the brand benefited significantly from sales of its Paddington handbag the previous year.

Meanwhile Alfred Dunhill's sales were up and losses narrowed to €5m (£3.5m).

The group said that October sales had continued the pattern established in the first six months of the year, showing an 11% increase at actual exchange rates. Sales growth in Europe was above the level established during the first six months of the year.