While luxury sales are rising, shares of Richemont and competitors have slid this year on concern that industry demand may weaken as economies slow and financial companies cut jobs.

BAT will apply to Johannesburg's stock exchange, Africa's largest, for a share listing as part of the transaction because some of Richemont's equity is held locally.

作为交易的一部分，英美烟草将向非洲最大的约翰内斯堡证券交易所申请股份挂牌交易，因为一些历峰的股权是由当地人持有的。

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Richemont revealed recently it was helping dealers in Hong Kong with excessive inventories by buying back products-and either reallocating them to other markets or dismantling and recycling them.

历峰集团近期宣布，正在通过回购产品的方式帮助香港境内库存过多的经销商——回购的手表要么被调转到其他市场销售，要么被拆解以后循环利用。

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Still, there is the sense that the label, which is owned by Richemont, has lost some traction in recent years, with mixed collections by Paulo Melim Andersson and Hannah MacGibbon, the two previous creative directors.

不过，近年来这个品牌（属于历峰集团[Richemont]）在之前的两位创意总监保罗·麦林姆·安德森（Paulo Melim Andersson）和汉娜·麦克吉博恩（Hannah MacGibbon）的引领下，似乎丧失了部分魅力。

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As with rivals LVMH and Swatch Group, its business in Asia proved particularly buoyant. Sales were up 51 per cent in the period, or 36 per cent adjusted for currencies and acquisitions.

与竞争对手路易维登和斯沃琪一样，历峰的亚洲业务表现尤其靓丽，同期销售额增长51%（经汇率和并购因素调整后的增幅为36%）。

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Thomas Chauvet, an analyst at Citi, agrees. "While Richemont and Swatch will continue to benefit from lower gold prices, let's not overestimate this impact," he says.

花旗（Citi）分析师托马阠伟（Thomas Chauvet）表示，“尽管历峰和斯沃琪（Swatch）将继续受益于金价下跌，但我们不要过高估计这一影响。”

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The latest sign of a Chinese luxury goods slowdown came from Richemont, the high end jeweller, yesterday.

瑞士高档珠宝商历峰集团（Richemont）昨日发布的公告，为中国奢侈品市场增长放缓提供了最新证据。

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Investors can be relieved that the company, unlike its customers, is in no hurry to spend it.

与自己的顾客不同，历峰并不急于花掉这些钱，这可让投资者大感放心。

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The decline has affected businesses including Richemont, Burberry and luxury jeweller Chow Tai Fook, which said this year it expected to close up to six stores in Hong Kong.

这种下滑趋势影响了包括历峰（Richemont）、博柏利（Burberry）和豪华珠宝商周大福（Chow Tai Fook）在内的企业。周大福称，预计今年将在香港关闭最多6家店。

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BAT is a" fine company "and" will maintain value," Richemont Chairman Johann Rupert said on the call.

历峰总裁约翰·鲁伯特在电话中说，英美烟草是一家“健康的公司”，将“会保值”。

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Jewellery and watch groups such as Richemont, Tiffany and Swatch are more reasonably rated on around 14.

历峰集团、蒂芙尼（Tiffany）和斯沃琪（Swatch）等珠宝及腕表企业的预期市盈率更为合理，在14倍左右。

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Ms Massenet, who founded Net-a-Porter in 2000-the same year that Federico Marchetti set up Yoox-had stayed at the helm of the business after selling it in 2010 to Switzerland's Richemont in a deal that valued the London-based group at 350m.

马斯内女士于2000年创办NAP，费德里科氠切蒂（Federico Marchetti）也于同年创办了Yoox。2010年，总部位于伦敦的NAP以3.5亿英镑卖给瑞士历峰集团（Richemont），但马斯内女士一直执掌NAP帅印。

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In20 years, it has reached a unique position, it's an icon that's independent form the Richemont group, since it's being managed by the Foundation de la Haute Horlogerie.

在20年里，由高级钟表基金管理的SIHH已建立起独一无二的地位，并成为独立于历峰集团的一支标杆。

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The resurgence at Rolls-Royce mirrors higher sales reported this year at other luxury groups including LVMH and Richemont, led largely by demand in Asia.

在劳斯莱斯复苏的同时，在亚洲需求的拉动下，包括路易威登轩尼诗（lvmh）和历峰（richemont）在内的其它奢侈品集团今年销量也出现了增长。

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Strong demand from Asia for luxury goods and recovery in more mature markets boosted sales and profits to higher-than-expected levels at LVMH in the first six months, underlining signs of a revival in the sector.

亚洲对奢侈品的旺盛需求以及更成熟市场的复苏，推动lvmh今年上半年的销售收入和利润达到高于预期的水平，突显出奢侈品行业恢复活力的迹象。

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Xinyu Hengdeli, the biggest luxury watch retailer in China, bought a 90 per cent stake in Italian hand-crafted pen brand Omas from LVMH in October for$ 3m.

中国最大的高档手表零售商新宇亨得利也在去年10月份以300万美元的价格，从路易威登（lvmh）手中购得了意大利手工钢笔品牌omas。

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Like God, Bernard Arnault is omnipresent, respected and feared both inside and outside the LVMH luxury empire he has built over the past 25 years.

在自己过去25年一手创建的奢侈品帝国路易威登轩尼诗（lvmh）内外，他像上帝一样，无所不在，广受敬畏。

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LVMH is a defensive play in luxury terms.

lvmh在奢侈品行业采取的是防守型战略。

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However, as the large groups such as swatch, Richemont and LVMH established a greater presence in China, a more exclusive watch-retailing network beyond the department stores was ripe for development.

但是，随着斯沃琪（swatch）、历峰（richemont）以及lvmh等大型集团在中国市场进行较大规模的布局，开发一个独立于百货商店外的手表零售专营网络，时机已经成熟。

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In the past six months Diageo and LVMH have also invested in Chinese producers of the grain-based spirit, partly to reinforce the marketing push for their own international drinks brands.

在过去6个月中，diageo和lvmh也纷纷投资于以粮食酿酒的中国生产商，这在一定程度上是为其自身的国际酒类品牌加强营销攻势。

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LVMH has aggressively fought piracy, both though public law suits and also more quietly, behind the scenes, in pressing the authorities for raids on counterfeiting factories.

lvmh一直大力打击假货，既通过公开的法律诉讼，也通过一些更安静的方式，在幕后给地方机构施压，突袭假冒工厂。

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