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Johannesburg - Shares in luxury goods group Richemont
[JSE:CFR] were up sharply on Wednesday on the back of a strong sales update.
At 13:57, the group's shares were at R38.58, up 5.73% from
its previous close of R36.49.
"The market definitely liked the sales report. It's
also up in Switzerland," an equities trader said.
For the five months ended August Richemont said sales
increased by 29% at actual exchange rates and by 35% at constant exchange
rates.
The company released the sales figures ahead of its annual
general meeting to be held later today in Geneva.
On a region-by-region basis, sales growth in Europe was
robust, reflecting purchases made by local clients as well as travellers, while
the Asia-Pacific region continued to report very strong sales growth.
"This stems from sustained consumer confidence in that
region, further boosted by the Maisons' investments in their distribution
networks," the company said.
Sales growth in the Americas was also notable and sales in
Japan increased, despite the aftermath of the natural disasters which struck
that country in March.
Richemont owns a portfolio of leading international brands or 'Maisons', which are managed independently of one another, recognising their individuality and uniqueness.
