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Richemont sales boosted by China bounceback

Luxury goods group Richemont (CFR.S) beat expectations on Friday after high demand from Chinese consumers for jewellery and watches boosted sales over the three months to March 31, sending shares to record highs.

Sales at the owner of brands such as Cartier and Van Cleef & Arpels grew 22% at constant rates, lifted by strong growth in the Asia Pacific and Europe, as well as brisk growth in the United States.

China is doing much better," Chairman Johann Rupert said.Shares rose more than 5% in early trade and hit a record of 158.50 Swiss francs ($178.31).

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