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Richemont: First Half 2015 Results

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Richemont - the owner of several of the most prestigious names in the luxury industry including Cartier, IWC, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Vacheron Constantin, and Van Cleef & Arpels - published the results for the first half-year of its 2015-2016 activities ending on 30 September.

Over this six month period, turnover amounted to 5.8 billion Euros, an increase of 15% at actual exchange rates (3% at constant exchange rates).

The impact of exchange rate volatility, in particular the strengthening of the Swiss franc, was largely absorbed through price adjustments and administrative cost controls.

The net profit rose by 22% to 1.1 billion Euros.

The strong sales through the Maisons’ own boutiques offset a mixed performance by the distribution network, which lost ground particularly in the Asia Pacific region.

The growth in retail sales partly reflected the positive impact of renovations and the addition of 26 internal boutiques to the Maisons’ network, which reached the remarkable number of 1159 stores.

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