Retail in Asia

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Richemont sees highest level of demand in Asia

Swiss luxury goods group Richemont on Wednesday said Asia-Pacific sales increased 43 percent to EUR3.68 billion (USD4.67b) for 12 months ended on 31 March 2012, driven by strong demand in Hong Kong and mainland China. Sales in Japan grew 13 percent to EUR833 million. Following several years of strong growth, the region saw the highest level of demand. Sales in the region now represent 42 percent of group sales.

Total sales jumped 29 percent from EUR6.89b to EUR8.87b. Profit for the year increased 43 percent to EUR1.54b. Retail sales grew 34 percent to EUR4.66b, accounting for 53 percent of group sales during the year compared with 50 percent in the prior year. Boutique openings during the year were primarily in high-growth markets, such as mainland China. The worldwide network of directly operated boutiques amounted to 948 at the end of March compared to 876 one year earlier. Wholesale business, including sales to franchise partners, also reported strong growth above last year’s level.