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Richemont Q3 sales surge

Richemont, the Swiss luxury goods group behind brands including Dunhill, Chloe and etailer Net-a-Porter, has reported double digit growth in its fashion and accessories division.

In the three months to December 31 the group had a 23% growth in sales to €2.1bn (£1.8bn), excluding any change in exchange rates. Excluding the group’s acquisition of luxury etailer Net-A-Porter sales grew by 19%. Sales in its ‘other’ division including Dunhill, Net-a-Porter and Chloe increased by 75% to €260m (£218m) or by 63% at constant exchange rates

Sales in Europe increased by 17% in the quarter, from €656m (£549m) in 2009 to €791m (£662m) in 2010. European sales were higher due partly to the group’s acquisition of Net-a-Porter in June. Total sales for the nine months to December 31 increased by 25% from €3.9bn (£3.3bn) to €5.6bn (£4.7bn) at constant exchange rates.

Executive chairman and group chief executive officer Johann Rupert said that sales in December had grown by 17% at a constant exchange rate and excluding the impact of Net-a-Porter.

He added: “As indicated previously, higher comparative figures will make the final quarter of the financial year ending March 31 2011 more challenging. Gross margin is anticipated to be negatively affected by a stronger Swiss franc given the group’s Swiss manufacturing base and by the planned changes to product lines at one of the Group’s Specialist Watchmakers, which will be largely implemented during the coming quarter.”

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