Richemont sparkles as tourists flock to Europe to pick up luxury goods

Chinese tourists flocking to Europe to snap up expensive bags and bling have helped lift sales for Cartier’s parent, Richemont.

The luxury goods group, whose brands also include Chloé and Piaget, said revenue in Europe surged 26%, contributing to a group sales rise of 4% in the five months to August 31.

Purchases of Richemont’s signature watches, jewellery and handbags were also encouraged by the weakness of the euro against the US dollar and other currencies.

Growth in Europe helped to offset an 18% slump in its Asia Pacific division, as the slowdown in the world’s second-largest economy — and a crackdown on bribery through extravagant gifts — hit sales.

Richemont joins a raft of luxury brands such as Prada and Burberry which have also been hit by weaker sales in the region.

The trading update figures published today exclude the high-fashion online retailer Net-a-Porter, which is merging with Italian group Yoox.