The luxury goods group, Richemont, saw third-quarter sales grow by 21 per cent year on year, a marked slowdown from the 32 per cent rise recorded for the first half of last year.

The fiscal third-quarter includes the key Christmas season for Richemont, which owns prestigious brands such as Cartier, Montblanc and Alfred Dunhill.

The company said 1999's third quarter sales had been particularly strong because of the run-up to the millennium celebrations.

"The growth of 21 per cent was very much in line with our expectations and reflects progress across all the group's brands," said chief executive, Johann Rupert.

Sales in Asia increased by 25 per cent, with the European market up 20 per cent. Sales in the American region grew by a below average 17 per cent.

Financial analysts expect Richemont to report a net profit of around SFr1.5 billion ($920 million) for the fiscal year 2000/2001, compared to SFr1.2 billion the year before.

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