Richemont's Sales Surge Due to Asia's Booming Luxury Appetite

Swiss luxury goods company Compagnie Financière Richemont SA posted a sharp rise in its third quarter sales owing to an increased demand in luxury products in China and other Asian countries.

The company mentioned that sales rose from 2.12 billion euros by 24 percent to a current 2.62 billion euros. Sales in the month of December were 21 percent above the prior period at actual and constant exchange rates.

The group's overall performance remains solid. The sales growth reflects growing demand in Asia-Pacific, our maisons' creativity and the lasting appeal of our products, said Johann Rupert, Chief Executive Officer of Richemont Group.

According to company reports, the Asia-Pacific region reported strong growth reflecting strong demand in Hong Kong and mainland China in particular.

Apart from this, the group also mentioned that the Americas sales reported strong growth due to growing demand for jewelry and watches. On the other hand, sales growth in Europe, which includes the Middle East and Russia, benefited from purchases made by travelers.

The Geneva-based company, which deals with a variety of luxury products from watches to writing instruments, said that demand for the group's products were mainly broad-based.

However, the group's jewelry maisons, the specialist watchmakers and Net-a-Porter saw particularly robust sales momentum while the Montblanc section saw flat sales.