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Luxury Group Richemont Boosted by Asian Revival in Q1

ZURICH, July 17 (Reuters) - Richemont reported a 14% increase in sales during its first quarter as the world's second biggest luxury group continued to see strong demand for its high-end jewellery.

The owner of Cartier and Van Cleef & Arpels jewellery makers and several high-end watch brands said a strong rebound in the Asia-Pacific region more than offset "muted" sales in the Americas.

Sales in the Asia Pacific increased by 32% helped by the lifting of COVID-related restrictions and the reopening of borders.

In contrast, sales in the Americas fell by 4%, Richemont said.

Overall, Richemont said its sales increased by 14% to 5.322 billion euros ($5.97 billion) in the three months to the end of June. The increase, when measured in constant currencies, was 19%.

Analysts at Barclays had expected sales of 5.43 billion euros while those at Bank Vontobel had expected 5.54 billion euros. Richemont does not report first quarter profit.

($1 = 0.8908 euros)

Reporting by John Revill, Editing by Rachel More

Source: Reuters

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