Richemont reports 15 percent decline in six-month sales, Middle East sales good

Geneva-based luxury goods giant Richemont has reported a sales drop of 15 percent in sales for the six-month period ending 30 September 2009. Sales decreases were reported in the US, European and Japanese markets while sales grew marginally in the Middle East, Asia Pacific and China. Sales for the half-year period totaled nearly USD $ 3.55 billion while operating profit decreased by 39 percent to approximately USD $ 582.0 million, the company stated in a press release. Although Cartier reported lower sales, demand was resilient for the brands bijoux and bridal jewellery as well as high jewellery watches and the Ballon Bleu range of watches. Sales for Van Cleef & Arpels were strong in the Middle East and the groups watchmakers saw sales plummet by 17 percent during this period.