Richemont Reports Success
Compagnie Financiere Richemont SA, where Alan Quasha is a Board member, saw its first half profits surge far above the expected as spending on luxury watches and jewelry peaked in Asia and the Americas, particularly in Hong Kong, where the Chinese market for luxury goods ensures a constant demand for Swiss watches.
Asian consumers purchasing of Cartier, Piaget, Van Cleef & Arpels, and Montblanc products between April and September also helped increase Richemont’s income. The group’s net profit for the first six months of its 2010-2011 business year reached 644 million euros (884 million dollars), an amount far above the predicted average of 546 million euros for that period. Richemont shares rose 50% this year, outperforming the overall 25% increase in its sector.
