Luxury goods group Richemont said today that discussions about its 'Luxury New Retail' partnership should be concluded "in the near future".

The company also said that strong American demand for its jewellery and watches boosted net profit and sales in the 12 months to March.

The maker of Cartier jewellery had been expected to give an update on plans to relinquish control of its online retail business YOOX Net-a-Porter (YNAP), notably by selling a stake to Farfetch.

But it only said discussions with its 'Luxury New Retail' partners were continuing.

"There is considerable complexity, which means the process is inevitably protracted. We look forward to concluding matters in the near future," Richemont said in a statement.

The world's second biggest luxury group said it was well positioned to benefit from any resurgence in consumer demand, but was maintaining the necessary flexibility to manage global uncertainties.

Net profit rose 61% to €2.079 billion compared to an average estimate of €2.745 billion in a Refinitiv poll.

Sales when measured in constant currencies jumped 44% to €19.181 billion, ahead of an €18.778 billion estimate.

Richemont said its decision to suspend commercial activities in Russia led to a charge of €98m in operating expenses. It also had valuation adjustments of €70m for inventories held in Russia.