Richemont, the world's second-largest maker of luxury goods, reported five-month sales growth Thursday that beat analysts' estimates, with wealthy Chinese and Russians buying more Mont Blanc watches and Cartier jewelry.

Revenue rose 17 percent from April through August, excluding currency movements, over the similar period in the previous year, the company, based in Geneva, said during a shareholders' meeting. That exceeded the 15 percent median estimate of 12 analysts surveyed by Bloomberg.

The chairman, Johann Rupert, said his "principal concern" was meeting surging demand for watches.

Swiss watch exports had their steepest increase in two years in July. China and Russia have become the fastest-growing markets for luxury goods.

"We had expected Rupert the Bear to emerge this morning, and he was more neutral than we would have expected," a Merrill Lynch analyst, Antoine Colonna, wrote in a note to investors. "Asia was the most dynamic region. There is, unsurprisingly, a cautious tone on capacity constraint issues."

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