The maker of IWC and Piaget watches surprised to the upside by reporting sales and operating profit from continuing operations rising by a quarter during the six months to the end of September. Jewellery sales rose by 24% in the period, with customers snapping up collections such as Cartier's Clash and Trinity rings and necklaces. The figures also showed the quality of the group's brands, "particularly its best in class jewellery business", Cox added. But from continuing operations, which removed the impact of the write-down and YNAP's losses, Richemont's profit increased by 40% to 2.1 billion euros. The latest results showed "excellent sales growth, profit and cash flow results", he added.

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