In the current stormy climate for the luxury market, specialists will appreciate the resilience of certain players. Hermès has shown us in recent quarters that it is undoubtedly the best equipped. Italy's Brunello Cucinelli has also performed particularly well. However, Geneva-based Richemont also has some powerful weapons in its arsenal, as before yesterday's figures it was still surfing on the best quarter in its history, which included the holiday season.

The Swiss company's main strengths are its brands. They are synonymous with ultra-luxury, timeless style and resilience to economic downturns. But Richemont has ONE key weapon: jewelry, which accounts for 72% of total sales. Revenues from this specialty grew by 8% to €15.3bn. Price increases, particularly at Cartier and Van Cleef, have been largely accepted by customers - and this should continue.

However, the watchmaking business (15% of sales) remains under pressure. Here, the decline reached 13%, and the division is suffering from the continuing slowdown in China, where the real estate crisis is weighing on watch purchases.

Finally, the third segment, which includes fashion, accessories, watch components and real estate activities, posted growth of 7%, although remains well in the red, with an operating loss of just over €100m.

Overall, excluding Asia-Pacific, all geographical regions posted double-digit growth. This was particularly noticeable in Japan (+30% on a constant basis), the Middle East & Africa region (+14%) and the Americas (+15%), where US consumption pleasantly surprised. Europe was not to be outdone, with growth of 11%.

In summary, annual revenue reached €21.4bn, up 4%, while profits reached €2.7bn, up nearly 17%.

As usual, Richemont does not provide forecasts. However, analysts at broker RBC Capital Markets believe that "the outlook should be supported by recent price increases at Cartier (mid-May) and Van Cleef (mid-April)."