Richemont Up 3% at the End of June 2025

The Richemont group is weathering the turbulence in the luxury sector with confidence. For the first quarter of its 2025/26 fiscal year, which ended on June 30, the Geneva-based conglomerate posted overall growth of 3%, with revenue totaling €5.4 billion. This is a respectable performance in a context of widespread slowdown, particularly in Asia.

Jewelry, the group's mainstay, recorded remarkable growth of 11%, reaching €3.9 billion. The iconic houses—Cartier, Van Cleef & Arpels, Buccellati, and Vhernier—performed well, thanks to popular new collections and a series of exclusive events rolled out worldwide. Analysts, who had anticipated growth of 9%, were pleasantly surprised. This quarter marks the third consecutive quarter of sustained growth for this division.

However, the watch division is suffering, penalized by sluggish demand, particularly in China, where Swiss watch exports fell by more than 30% in the first half of the year. Sales in this division, which includes Piaget and Vacheron Constantin, fell 10% to €824 million, below analysts' forecasts of €832 million. This situation is worrying even for institutions in the Swiss watchmaking industry.

In terms of geography, Europe (+11%), driven by Italy and Germany, and the Americas (+17%) posted robust growth. The Middle East and Africa also grew (+17%), supported in particular by strong momentum in the United Arab Emirates. In contrast, Asia saw an overall decline of 4%, weighed down by a 15% drop in Japan, where the decline mainly reflects a return to normal after an exceptional 59% surge in the same period last year.

The group does not disclose its earnings results for this quarter.