Popular RICHEMONT'S JEWELRY

Swiss luxury goods group Richemont posted a 37 percent increase in group sales to €3.259 billion for the six-month period ending September 30, 2010. The group's jewelry maisons' sales increased by 32 percent overall to €1.6 billion, with stronger growth in the maisons' own boutique networks.

Sales of high-end jewelry pieces were "good" and the more accessible jewelry ranges "also performed well," according to the company. Sales of watches from Calibre de Cartier editions in precious metals to classic models in steel, were very strong. Cartier experienced double-digit sales growth for the half year, albeit against weak comparatives.

Van Cleef & Arpels also saw double-digit sales growth during the period.

According to group sales by region, Europe accounted for 38 percent of Richemont's overall sales with sales increasing 27 percent to €1.3 billion. The Asia-Pacific region represented 36 percent of group sales, with a 50 percent increase to €1.2 billion. The Americas accounted for 15 percent of all group sales, with a 51 increase to €489 million. Meanwhile, in Japan, sales increased by 23 percent, to €353 million, largely due to the significant appreciation of the yen.

Overall retail sales for Richemont, which include directly operated stores at Net-A-Porter.com, increased 47 percent, well above growth in wholesale sales. As a result, says the company, retail now represent 47 percent of the group's sales.

During the six-month period, the overall retail network of group-owned boutiques increased to 855 boutiques.

The group's operating profit for the period increased 95 percent to € 760 million. The increase reflects the significant increase in gross profit and continuing cost control, says the company.

In other company news, Richemont has appointed Maître Dominique Rochat to the Audit Committee of Compagnie Financière Richemont SA. Maître Rochat was elected to the Board of Directors in September 2010.

The Audit Committee now comprises five non-executive directors: Yves-André Istel, Chairman of the Audit Committee and Deputy Chairman of the Board; Ruggero Magnoni; Josua Malherbe; Lord Renwick of Clifton, Independent Lead Director; and Maître Dominique Rochat.

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