Sales in Europe made up 22% of the total and increased by 3% year-on-year to €2.25 billion, while the Asia Pacific (totalling 42% of sales) achieved growth of 14% to €4.26 billion. The Americas comprised 21% and was down by 4% to €2.12 billion, while Japan made up 8% and grew by 2% to €824 million. Finally, the Middle East & Africa totalled 7% of sales and grew by 5% to €764 million.

The retail distribution channel totalled 69% of sales and achieved growth of 9% to €7 billion, while online retail (comprising 5% of the total) was down by 7% year-on-year to €566 million. Wholesale and royalty income, 26% of sales, had growth of just 1% to €2.64 billion.

By business area, the group’s jewellery maisons achieved a 10% growth in sales to €6.96 billion. Specialist watchmakers by 3% year-on-year to €1.99 billion. Finally, other businesses such as fashion and accessories and component manufacturing had a decline of 1% to €1.28 billion.

Gross profit for the first half of the year totalled €6.97 billion with a gross margin of 68.2% of sales and year-on-year growth of 5%.

Richemont Chairman Johann Rupert said: “The period under review started strongly, beyond our expectations. However, growth eased in the second quarter as inflationary pressure, slowing economic growth and geopolitical tensions began to affect customer sentiment, compounded by strong comparatives.

“Consequently, we have seen a broad-based normalisation of market growth expectations across the industry. The positive news is that a soft-landing scenario seems to be prevailing in major economies with still higher growth expected from China, which should benefit from stimulus measures.”