ZURICH, Reuters -Luxury goods firm Richemont announced Friday that negotiations about the partnership for its ‘Luxury Retail’ brand should end “in the immediate future” after strong American demand for the company’s watches and jewellery has boosted sales and net profit in the twelve months to March.

Cartier Jewellery maker was expected to update its plans for reselling its online business YOOXNet-a-Porter, notably through the sale of a stake to Farfetch. However, it stated that discussions were ongoing with its ‘Luxury Retail’ partners.

The process can be complicated and takes a long time. Richemont stated in a statement that they look forward to completing matters soon.

According to the world’s second largest luxury company, it is well-positioned to reap any rebound in consumer demand but has maintained flexibility to deal with global uncertainty.

Net profit rose 61%, to 2.79 billion euro ($2.20billion), against an average of 2.745billion in Refinitiv’s poll. Sales when measured in constant currency rose 44%, to 19.181 billion, in excess of the 18.778 billion estimate.

Following an average dividend of 2francs in the previous year, the company proposes to pay out a second 2.25 Francs and 1 Franc per share.

Richemont claimed that Russia’s decision to cease commercial activities resulted into an operating expense charge of 98million euros. Richemont also made valuation adjustments in the amount of 70 millions euros to account for Russian inventories.

($1 = 0.9451 euros)