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Richemont sales rise 37%

Swiss luxury goods group Richemont, which owns brands including Dunhill and Chloe and etailer Net-a-Porter, has seen sales soar by 37% in the five months to August 31.

The group, which bought luxury etailer Net-a-Porter in April, said the strong sales increase partly reflected low comparative figures in the same period last year. At constant exchange rates and excluding the acquisition of Net-a-Porter sales rose 22% during the same period.

Richemont said Europe, including the Middle East, remains the company’s most important region, accounting for 41% of overall sales. European sales increased 23% during the period.

Richemont’s group retail sales were up 34% while wholesale sales increased 21% at constant exchange rates. The group did not split out any of the individual brands’ performance.

Johann Rupert, executive chairman and group chief executive officer, said: ”This time last year we were still seeing falling sales. This year, with double-digit sales growth already in hand, Richemont will report significantly higher first half profit.”

However he was cautiously optimistic about the rest of the year. “While sales in the growth markets of Asia-Pacific and the Middle East continue to expand, sales in other regions remain below the record levels. This reflects the continuing difficulties in Western economies.”

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