Asia was again the main driver of sales growth at Richemont, the world’s second-biggest luxury goods group said in a trading update on Wednesday, ahead of its AGM. Sales at the group, whose brands include Cartier, Jaeger-LeCoultre, Van Cleef & Arpels and Piaget, for the five months to end-August rose 12% from a year earlier at constant exchange rates and 10% at actual exchange rates, it said. Stripping out inventory buy-backs in the year-earlier period, sales were up 7%. Asian growth was still far ahead of any other region: sales in Asia excluding Japan rose 23% in constant currencies and 22% in actual currencies, and Japanese sales were up 11% and 6% respectively. For the year to end-March, Asian sales grew 37%. The Americas posted growth of 9%, on both bases — slower than the 17% growth reported for the full year; European growth was 3% on both bases; and in the Middle East and Africa it was 2% in constant currencies and 1% in actual currencies. Richemont posted a decline in full-...
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