The parent organization of luxury retailer Richemont (Compagnie Financière Richemont SA)  held its annual general meeting September 14, and provided a peak into what first-half results could show for the period April 1, through September 30, 2006.

For five months ending August 30, 2006, jewelry sales rose 13 percent -- only sales of leather goods rose less (10 percent.) Watch sales grew 16 percent, writing instruments rose 23 percent, and Richemont's 'other' business sales grew 39 percent.

Sales across Asia Pacific grew 20 percent, across Europe and the United States sales rose 17 percent, and in Japan sales rose 8 percent.

Richemont's executive chairman, Johann Rupert, said, "In the five-month period to end-August, sales overall grew by 16 percent at actual exchange rates. This has been achieved despite a marked strengthening of the euro, in particular against the yen, over the period."

Cartier and Van Cleef & Arpels reported  an overall increase of 13 percent for the April through August period.

Cartier reported  a strong performance in high-end jewelry and the success of the Love jewelry collection and the La Dona, Pasha Seatimer and jewelry watches generally have contributed strongly to this performance, as have the Pierres de Caractère and l’Alhambra collections from Van Cleef & Arpels.

"On the basis of the results that we have seen so far this year, the results for the first six-month period will be good and I am confident for the year as a whole," Rupert said.

Some 60 percent of Richemont sales are outside of Europe, so the company is more vulnerable to currency fluctuations. "...The strength of the euro against the yen that we have seen during the first five months of the year and, in recent months, against dollar-based currencies will impact on the group’s profitability to some degree. The effect is likely to be more marked in the second half, depending on the evolution of exchange rates."

Richemont’s interim results for the fiscal first half, which ends September 30, will be released  November 17, 2006. In addition to its luxury goods business, Richemont holds an 18.8 percent interest in British American Tobacco.