Luxury goods sales increased because of China’s booming economy. From Business Report:
Richemont may sell more Vacheron Constantin watches in China than in any other country by 2012, as wealth in the Asian nation surges.
Sales of the Geneva -made timepieces, which on average cost ‚Ç¨17,000 (R165 277) to ‚Ç¨20,000 each, were rising by almost 30 percent annually in China, double the global growth rate, Vacheron Constantin International director Marc Guten said yesterday. China’s booming economy has fuelled an almost threefold gain in the benchmark stock index this year. [Full Text]
See also: China’s economy forecast to grow 11.5 percent this year from Reuters via International Herald Tribune.