Family businesses in the luxury sector have once again defied the wider economic gloom with Swiss group Richemont posting a 50% rise in profits, while a number of European firms in other sectors have had a difficult first quarter.
Rupert family-controlled Richemont, which owns luxury brands such as Cartier and Piaget, said on 16 May that operating profits for the year ending 31 March increased by 51% to €2.04 billion.
