The Swiss luxury group reported stronger-than-expected profits as its jewellery maisons continued to grow and its specialist watchmakers showed signs of recovery.
Richemont said strong demand for its jewellery and a recovery in watch sales helped profits jump more than a third as the Swiss luxury group continued to defy a prolonged downturn in the sector.
The owner of Cartier and Van Cleef & Arpels said net profit for the six months to the end of September rose 39 per cent to €2.5 billion (US$2.76 billion; S$3.55 billion), beating expectations. Sales rose 17 per cent organically to €12.3 billion.
The results underscore how Richemont, along with…
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