Luxury goods group Richemont is committed to keeping its Lancel and Dunhill fashion brands, both of which have undergone intense restructuring, a source close to the company said on Monday.

"Richemont is firmly committed to these brands," the source said on the sidelines of the SIHH watch fair that opened on Monday. The source, who spoke of condition of anonymity, said first results at Dunhill looked promising.

The source said Richemont, known for Cartier jewellery and IWC watches, had no further plans at this stage to cut jobs at its watch factories in Switzerland or to buy back unsold inventory from retail partners, although buybacks were not ruled out.