Thursday, 18th November 2004 (4233 views)

Luxury goods maker Richemont has released its first half profit results today, with watch sales driving its positive profits.

The second-largest luxury goods maker in the world revealed that fiscal first half profit increased by 42 per cent and net income rose to €411 million during the six month period to September.

Jerome Schupp, from Banque Syz & Co. in Geneva, commented: "Like Bulgari and Swatch, it is Richemont's luxury watches that are driving the company's growth.

"The watch industry has been more cyclical than other luxury sectors, and the company is now profiting from growth there.'

The firm sells a host of brand names and has recently added Cartier and Jaeger-LeCoultre watches to its collection.

Executive chairman, Johann Rupert claimed that the company should "enjoy a strong pre-Christmas season" and is predicting a "significant improvement" in operating profit for the year through to March.

 

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