Richemont forecasts leap in annual profit

RICHEMONT, the owner of Cartier watches and online boutique Net-A-Porter, run by Natalie Massenet (pictured) said it expects a 30 per cent jump in full-year net profits, beating analyst forecasts and allaying fears of a slowdown in demand in the luxury industry’s key Asian market. The Swiss group said sales rose 14 per cent, thanks to favourable exchange rates.