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Richemont posts profits jump

Profits at luxury goods company Richemont jumped 43% last year although the company said it still remains “mindful” of a difficult economic climate.

The Swiss luxury goods group, which owns brands including Dunhill, Chloé and Cartier, said in the year to March 31 profits from continuing operations rose 43% to €1.54bn (£1.23bn). Sales also soared 29% to €8.87bn (£7.07bn).

The Asia-Pacific region saw the highest level of demand with sales growing 43% during the period and the region now representing 42% of the group’s revenue.

Executive chairman, chief executive Johann Rupert said sales in April, the first month of its new financial year, had continued to soar with sales rising 29% year-on-year.

However, Rupert said the company remains “mindful” of the unstable economic environment, particularly in the euro zone. ”We therefore look forward to the future with cautious optimism,” he said.

He added: “Investments are primarily dedicated to the expansion and integration of the Maisons’ [brands] respective manufacturing facilities, as well as growth in their retail networks. Selective boutique openings will be focused in growth markets and in tourist destinations around the world.”

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