Operating profit for the group came in at €3.39 billion, while profit for the year rose by 61% to €2.08 billion, despite a €168 million negative impact due to business suspension in Russia.

Sales for the year were up by 46% at actual exchange rates and by 44% at constant exchange rates, the brand reported. Sales reached an all-time high for the year of €19.2 billion and represented a 35% increase on a two-year comparative period.

All houses, channels and regions achieved double-digit growth, and were led by the retail channel and the Americas (up 79%). Sales in the Asia Pacific region grew by 32%, with mainland China increasing by 20%.

The group saw a 51% increase in Europe despite subdued tourism, while the Middle East and Africa grew by a similar amount, overtaking Japan (up 28%) as Richemont’s fourth-largest market.

Chairman Johann Rupert said: “Even if the worst of Covid is hopefully behind us, we face a global environment which is the most unsettled we have experienced for a number of years. We can, however, take comfort from the strength and enduring appeal of our Maisons as well as their relatively balanced geographic spread.

“Richemont’s €5.3 billion net cash position at the end of March 2022 is a source of strength as we face volatile times ahead. I am confident that the Group is well-positioned to benefit from any strength in consumer demand. We will work to maintain the necessary agility and flexibility to manage global uncertainties.”