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Sales up 6% at luxury goods group Richemont

Swiss luxury goods group Richemont, which counts Alfred Dunhill and Chloe among its best-known brands, has announced sales of €11bn (£8.4bn) for the year to March 31, a year-on-year increase of 6%.



Gross profit also increased by 4% to €7.1bn (£5.4bn). Despite this overall operating profit was down by 23% due to a property disposal gain the prior year and current “restructuring and write-down charges”.

The business demonstrated strong sales growth in almost every geographic region, with particularly strong performances in Europe and the Middle East. However, this was offset by disappointing growth in the Asia Pacific region. This was put down to the failure of the Hong Kong and Macau economies to bounce back from a recent downturn.

Richemont chairman Johann Rupert said the group is “confident in the long-term demand for high-quality products”.

“The group remains committed to supporting its Maisons to conceive, develop, manufacture and market products of beauty, individuality and the highest quality,” he continued. “These values are enduring and will see Richemont well positioned to benefit from an improved market in the years to come.”

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