For the period ending March 31, 2023, the group also reported an all-time high operating profit of €5.03 billion.

Sales were up by 19% year-on-year at actual exchange rates and by 14% at constant exchange rates, and were driven by retail, which was up by 22% at actual exchange rates and 17% at constant exchange rates, representing 68% of the group’s sales.

Richemont noted that sales in the Asia Pacific region had a significant increase following the lifting of Covid-19 restrictions in China, while performance was led by Japan and Europe, closely followed by the Americas.

While results were led by the group’s jewellery brands, its Other business area (which is primarily comprised of fashion and accessories houses) achieved a sales increase of 19% to reach €2.7 billion.

Chairman Johann Rupert noted: “Economic volatility and political uncertainty look set to remain features of the trading environment. The group will therefore seek to maintain the necessary agility to manage fluctuating levels of demand.

“I am confident that our Maisons are well positioned to meet strong demand, notably driven by a significant resumption of Chinese travel. Richemont is fortunate to own such a unique portfolio of Maisons with excellent long-term prospects.”