Richemont: sales up 16 percent

GENEVA, April 23, 2008 (AFP) - Richemont, the world's second-biggest luxury goods group, said Wednesday April 23th its sales had risen by 16 percent to 5.301 billion euros (8.471 billion dollars) in the financial year which ended March 31.

The group realised 31 percent growth in the Asia-Pacific region, with sales taking off in China, it said. The region now accounts for 25 percent of sales.

But sales profit was nevertheless affected by the weakness of the dollar and the yen, the group said.

In Japan, sales in the fourth quarter were slightly down on the previous year. Japan accounted for 13 percent of group sales.

Richemont, a holding company controlled by the South African Rupert family, owns some of the world's most prestigious luxury brand names, ranging from Cartier, Piaget and Van Cleef to Dunhill, Lancel and Montblanc.