Swiss owner of Cartier watches doubles its dividend after booming demand for jewellery from super-rich customers boosts profits
Boost: Richemont is the latest luxury retailer to report a strong performance
The Swiss owner of Cartier watches has doubled its dividend after booming demand for jewellery from super-rich customers boosted profits.
Richemont is the latest luxury retailer to report a strong performance despite the closure of shops and cancellation of international travel.
Fashion leaders claim it reflects a ‘roaring twenties’ of big spending on showy styles to go out in after a year of austere living.
Strong demand from China and the US is expected to be matched by Europe when more countries emerge from lockdowns.
Chairman Johann Rupert said: ‘The trend is continuing. We’re optimistic.’
Profits rose 38 per cent to £1.1billion in the year to March, beating expectations and enabling bosses to pro- pose a dividend of 157p-per-share for the year.
Although group sales fell 5 per cent to £11.3billion, sales of jewellery brands Cartier and Van Cleef & Arpels jumped 62 per cent jump in the final quarter.