Luxury brand group Richemont, the parent of Cartier, Montblanc and Dunhill, among many other brands, has posted strong sales growth of 4 per cent to US$24 billion in its year-end results.

The growth in sales was attributed to a high single-digit increase at the company’s jewellery brands, which include Van Cleef & Arpels and Buccellati.

Gross profit rose 2 per cent to $1.5 billion with a gross profit margin of 66.9 per cent. Operating profit was US$5 billion, down 7 per cent, with an operating margin of 20.9 per cent. 

Richemont saw a $4.2 billion profit for the year from continuing operations, with a $1.1 billion loss from discontinued operations, mainly from the non-cash write-down of Net-a-Porter.

The company saw double-digit sales growth across all regions except the Asia Pacific region. 

Richemont completed strategic steps, including the addition of Italian jewellery Maison Vhernier and the finalisation of Net-a-Porter’s sale to Mytheresa last month. 

The company now holds a 33 per cent stake in the new LuxExperience.