{"text":[[{"start":6.55,"text":"Booming jewellery demand and free-spending shoppers in Japan and the Americas have fuelled “stratospheric” sales growth at Swiss luxury group Richemont. "}],[{"start":16.3,"text":"The owner of jewellers Cartier and Van Cleef & Arpels reported sales of €6.3bn for the three months to the end of June, representing organic growth of 20 per cent. "}],[{"start":27.700000000000003,"text":"The rapid growth, which beat analyst expectations for an 11 per cent increase, starts the corporate reporting season on a strong note for the luxury sector and will fuel investor optimism that demand for high-end goods is strengthening after a two-year slowdown. "}],[{"start":43.75,"text":"Richemont has been outperforming its peers, fuelled by seven consecutive quarters of double-digit growth at its jewellery businesses, including Cartier and Van Cleef & Arpels. Shoppers have continued to spend even as demand for the handbags, shoes and fashions that drive peers such as LVMH and Kering have been more subdued. "}],[{"start":63,"text":"The Geneva-headquartered group also shrugged off the effects of the war in the Middle East, which hit the industry earlier this year, reporting 3 per cent sales growth in the region in the three months to the end of June. "}],[{"start":75.4,"text":"Richemont shares rose 6 per cent in early trading on Wednesday. LVMH, Kering and Hermès all rose more than 2 per cent. "}],[{"start":85.2,"text":"Richemont is “in a league of its own”, wrote analysts at Vontobel. “Stratospheric sales growth is powered by retail strength and years of consistent execution and capital discipline . . . amid a challenging macro backdrop and relative to peers expected to post weaker results.”"}],[{"start":103.80000000000001,"text":"All regions except the Middle East reported sales growth of more than 10 per cent, led by Japan — which grew 36 per cent year on year — and the Americas, where sales increased 27 per cent. "}],[{"start":116.05000000000001,"text":"While jewellery was the biggest engine of growth, up 24 per cent organically in the quarter, sales at Richemont’s watch division rose 8 per cent. The division that houses fashion brands Chloé and Alaïa increased sales by 9 per cent on a like-for-like basis. "}],[{"start":131.20000000000002,"text":"Citigroup analysts estimated that sales in Mainland China fell by a low single-digit percentage, while in Greater China — which includes Hong Kong and Macau — they were up by double digits. The Middle East showed gradual improvements through the quarter, Citi added. "}],[{"start":152.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784108103_5777.mp3"}