© Reuters. FILE PHOTO: The logo of luxury goods group Richemont’s flagship brand Cartier is seen at a branch in Zurich, Switzerland, January 12, 2017. REUTERS/Arnd Wiegmann
ZURICH (Reuters) – Luxury goods group Richemont said on Friday discussions about its “Luxury New Retail” partnership should be concluded “in the near future”, after strong American demand for its jewellery and watches boosted net profit and sales in the 12 months to March.
Net profit rose 61% to 2.079 billion euros ($2.20 billion), versus an average estimate of 2.745 billion in a Refinitiv poll, while sales when measured in constant currencies jumped 44% to 19.181 billion euros, ahead of an 18.778 billion estimate.
“Discussion with our Luxury New Retail (‘LNR’) partners continues around closer future collaboration. There is considerable complexity, which means the process is inevitably protracted. We look forward to concluding matters in the near future,” Richemont said in a statement, referring to its plans to relinquish control of online retailer YOOX Net-a-Porter (YNAP).
($1 = 0.9451 euros)
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