News 
At the end of the first quarter of its 2025-2026 financial year (April to June), despite a volatile global macroeconomic and geopolitical context, the Group announced sales having held up well (+3% at actual exchange rates, +6% at constant rates). In all, the company recorded sales of 5.41 billion euros.
The growth was led by double-digit increases in Europe, the Americas and Middle East & Africa, more than offsetting Japan’s sales decline against high prior-year comparatives, while sales in the Asia Pacific region remained stable. In Europe, sales increased by 11%, driven by robust demand from local clients and overall positive tourist spend, supported by successful high jewellery events. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany. In the Americas, sales growth remained strong at +17%, driven by supportive local demand across all business areas and markets. Sales in the Middle East & Africa region rose by 17%, led by the United Arab Emirates market as well as higher tourist spend. In Japan, sales declined by 15% against a demanding +59% comparative in the prior-year period, with a strengthening Yen significantly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive. Asia Pacific sales were stable overall versus the prior-year period, as a 7% decline in China, Hong Kong and Macau combined was fully compensated by robust growth in almost all other Asian markets. Of note, sales in Australia and South Korea showed a double-digit increase.
The Group’s four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier – recorded an 11% rise in sales, marking a third consecutive quarter of double-digit growth. The specialist watchmakers – A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis et Vacheron Constantin – recorded a 10% decline at actual exchange rates, -7% at constant rates.
August 14, 2025