Swiss watches and jewelry are booming in Asia

Richemont sales rise
In the third quarter, the Geneva-based company increased its sales
more for luxury items. In Asia, sales increased by 57 percent.
he high demand for expensive watches and jewelry in Asia has brought
the Swiss luxury goods group Richemont in the third quarter of
2010/11, shiny growth rates. As a release on Monday stating the Geneva
Group increased its sales by about a third to 2.11 billion euros.
Excluding the positive currency impact is an increase of 23 percent
would have resulted, as Richemont announced on Monday. Analysts had
forecast on average, with a turnover of 1.987 billion euros. In Asia

alone could boost Richemont's sales revenue, excluding the currency
effect by 57 percent. Even the retail business grew thanks to the
takeover of the UK online fashion giant Net-a-Porter by nearly a
third. Richemont produces among other things, the jewelry brand,
Cartier, Jaeger-LeCoultre watches and Mont Blanc fountain pen.
However, the group looks a little more careful in the future: Because
of the sharp tightening of the sales in the fourth quarter of 2009/10
Richemont expects a "challenging" fourth quarter. In addition, the
strength of the Swiss franc will pollute the gross margin in the
manufacturing group mainly in Switzerland.
The Richemont's shares responded to the gloomy outlook in the opinion
of analysts at a discount of 2.4 percent.