RICHEMONT’S GROWTH FUELLED BY CHINA WATCH BOOST

CARTIER watchmaker Richemont posted record sales and profits for its jewellery and watch brands in the year to April. Sales rose a third to €6.9bn (£6.1bn), while pre-tax profit was 79 per cent higher at €1bn.

The numbers were boosted by Net-A-Porter, the online fashion business it bought in April last year, which contributed sales worth €274m.

Sales in the Asia-Pacific region rose 48 per cent, with China the star performer.