Richemont sales soar thanks to China boom

Swiss luxury goods group Richemont healthy sales growth in all business areas in its third quarter as wealthy Chinese continued to splash out on Cartier jewellery and timepieces.

Sales in the Asia-Pacific region rose 42 per cent in local currencies, the world's second largest luxury goods group behind French rival LVMH said, while sales overall were 23 per cent higher, beating analysts' forecasts.

The luxury goods industry has recovered strongly from its worst slump in decades thanks to buoyant demand in Asia.

"Higher comparative figures will make the final quarter of the financial year ending 31 March 2011 more challenging," Richemont said. "Gross margin is anticipated to be negatively affected by a stronger Swiss franc given the group's Swiss manufacturing base."