Despite growing fears of a global recession Europe’s luxury goods groups continue to post double-digit gains, although the effect of the current uncertainties in the USA are becoming all too evident.

Switzerland-based Richemont, which owns the Alfred Dunhill, Lancel and Montblanc brands, saw continued strong demand for its products in the third quarter ended December 31, posting underlying sales growth of 14% at constant exchange rates and an 8% increase at actual exchange rates at €1.673 billion.

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