Having released its audited results for the financial year, ended March 31, Swiss luxury goods group Richemont has reported 12% rise in sales and a 24% increase in operating profit from its luxury goods businesses.

Commenting on the group’s performance executive chairman, Johann Rupert, said, “Richemont has again enjoyed a year of substantial growth in both sales and profitability. Supported by a generally positive economic background in most of the major markets in which the group’s luxury goods businesses operate, sales increased by 12% to €4,827 million and operating profit grew by 24% to reach €916 million. Net profit for the year was €1 329 million, reflecting the good results of the luxury businesses as well as the strong performance of the group’s tobacco interests.” He added, “The global market for luxury goods is expanding. Our businesses are extending their reach into new markets and understand that they have to produce exciting and innovative products, combined with excellent service, to meet the demands of an ever more discerning clientele.”