Global: Richemont reports 24% growth fueled by Asia Pacific

Luxury goods group Financiere Richemont achieved sales growth of 24 per cent in the quarter to December 31st on the back of strong growth in emerging markets in Asia Pacific.

The group, which owns luxury brands including Cartier, Van Cleef and Ralph Lauren Watch, revealed that it had experienced solid growth in all business sectors across all geographies.

Global sales for the quarter reached €2.619 billion (£2.17 billion), driven by a 36 per cent increase in Asian-Pacific emerging markets where sales reached €1.051 billion (£0.87 billion).

Meanwhile, the group's strong performance in the first nine months of 2011, with the company confirming that "operating profit for the full year will be significantly higher than last year".