Swiss firm Compagnie Financiere Richemont has become a standalone luxury company having divested of its tobacco and technology investments.

The spinoff is expected to attract investors who are looking for a company that is purely focused on luxury.

Despite the global credit crunch, the company’s financial results—for the quarter ended June 30—showed a 13% rise in total sales year-on-year and a 5% growth in terms of leather and accessories sales.

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