Excluding the exceptional inventory buy-backs in the comparative period, constant currency sales are reported to have increased +7% for the period.

Sales increased in all regions, led by a strong performance in the Asia Pacific; supported by double-digit increases in most markets, including China and Hong Kong, where a large part of the exceptional inventory buy-backs took place in the comparative period, according to the report. In Japan, growth is said to have reflected higher domestic and tourist spending.

Sales in Europe increased 3% reflecting “contrasting performances within the region as well as the emerging negative impact of a strong euro on tourist spending”. In the UK, however, sales grew at a double-digit rate benefitting from favourable currency movements. Sales in the Middle East showed “subdued growth, impacted by geopolitical uncertainties”.

On the investors side, the weakness in the European performance (the region is said to account for almost a third of the total revenue) led to a 2.4% drop in shares on September 13.

Richemont, owner of brands such as Cartier, is to announce further management reshuffles in November.