Sales by Distribution Channel

	March 2006 € m	March 2005 € m
Retail	1762	1509	+17%
Wholesale	2546	2162	+18%
	4308	3671	+17%

Retail

Retail sales increased by 17 per cent to € 1 762 million, reflecting both better trading at established boutiques and an increase in the number of points of sale owned by the Group. Excluding Hackett and Old England, the total retail network increased by 165 to 1 075 boutiques; of the increase, 64 stores were opened by the Group, including the takeover of 45 Montblanc stores in China, and 101 by partners. At the end of March, the Group’s Maisons owned 610 boutiques, with a further 465 points of sale being operated by franchise partners.

Wholesale

Driven by demand for the Group’s watch products in particular, wholesale sales were particularly strong, showing an overall increase of 18 per cent.

Retail network (number of points of sale)

	Owned	Franchised	Total
Cartier	157	79	236
Van Cleef & Arpels	33	12	45
Piaget	23	20	43
Montblanc	206	105	311
Alfred Dunhill	79	101	180
Lancel	63	96	159
Chloé	31	10	41
Other	18	42	60
	610	465	1075