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Richemont reports 13 percent sales increase

Jewelry sales increase 16 percent for the period

July 16, 2008

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Geneva—Sales for luxury goods company Richemont increased 13 percent in actual exchange rates (20 percent on a constant exchange rate basis) in the first three months of its current fiscal year, including a slight increase in sales in the Americas.

According to an interim management statement released on Wednesday by the Geneva-based company, sales from April to June for its Jewellery Maisons group—which includes the Cartier and Van Cleef and Arpels brands—increased 16 percent for the period (25 percent on a constant exchange rate basis), rising from about $1 billion in 2007 to about $1.2 billion in 2008.

Sales for Richemont's watchmakers—which include A. Lange and Sohne, Baume and Mercier, IWC, Jaeger-LeCoultre, Officine Panerai, Piaget and Vacheron Constantin—increased 13 percent for the period (19 percent on a constant exchange rate basis) to about $658 million, from $582 million in 2007.

When broken down by region, sales figures for the Americas show a 6 percent increase (20 percent on a constant exchange rate basis).

Despite a sluggish Japanese economy, the Asia-Pacific region, buoyed by strong growth in Hong Kong and China, posted the greatest sales gains for the period, jumping 21 percent (35 percent on a constant exchange rate basis), from about $461 million in 2007 to about $559 million in 2008.

In May, Richemont announced details of a restructuring proposal that would separate the group into two entities: a luxury business headquartered in Switzerland and a separate investment vehicle.

According to the statement released on Wednesday, the company is not releasing any further information about the restructuring at this time.
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