Richemont: six-month results

Q2 was particularly strong, with sales up by 14% at constant exchange rates (+8% at actual exchange rates) driven by double-digit growth across all regions, illustrating the benefit of the group’s multiple growth engines. All business areas were positive in Q2 at constant exchange rates.

Most regions performed strongly in the first half, led by double-digit sales growth in Europe, the Americas, and the Middle East regions at both actual and constant exchange rates. In Q2 specifically, China, Hong Kong and Macau combined, together with Japan, returned to growth, whilst other regions maintained their solid sales momentum.

Sales grew across all distribution channels in the first half, with direct-to-client sales representing 76% of group sales, in line with the prior-year period.

The group’s Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - posted a 9% increase in sales overall in the first six months of the year (+14% at constant exchange rates), with Q2 growth at +17% at constant exchange rates, supported by a broad-based rise in demand for jewellery and watch collections across geographies. Against the backdrop of significant currency movements, higher raw material costs and, to a lesser extent, the initial effect from additional US duties, the Jewellery Maisons implemented measured price increases whilst managing their costs efficiently. Supported by strong top line momentum, this allowed them to mitigate the unfavourable impact of external headwinds and deliver a € 2.5 billion operating result in the first half, up by 9% at actual exchange rates and by 21% at constant exchange rates. Operating margin stood at 32.8%.

After a challenging 18-month-period for the global watch market, the group’s Specialist Watchmakers saw a slower rate of decline of 6% in the first half (-2% at constant exchange rates), delivering sales of € 1.6 billion. Whilst Q2 showed encouraging signs with a -2% evolution in sales (+3% at constant rates), the context remained volatile, notably with the latest US duties affecting Swiss-made products since August. Regional performance continued to show contrasting trends. The Americas were up by double-digits in both Q1 and Q2, whilst sales in Asia Pacific declined, due to continued soft demand in China despite a noticeable improvement in Q2. Due to the combination of unfavourable currency movements, a higher gold price and additional US duties, the operating result amounted to € 50 million, corresponding to a 3.2% operating margin.

Sales at the “Other” business area were down by 1% at actual exchange rates (+2% at constant exchange rates), with an acceleration in Q2 to +6% at constant exchange rates. Fashion & Accessories Maisons overall reflected this pattern, supported by double-digit growth in ready-to-wear at constant rates. The performance was primarily driven by continued strength at Alaïa and Peter Millar, and improved momentum at Chloé. Overall, the “Other” business area recorded a € 42 million operating loss, of which € 33 million for the Fashion & Accessories Maisons.

Operating profit from continuing operations came in at € 2.4 billion, up by 7% at actual exchange rates (+24% at constant exchange rates), resulting from the positive effect of strong sales growth combined with effective cost discipline. This mitigated the decline in gross margin primarily resulting from significant unfavourable currency movements and higher raw material costs, notably gold, and to a lesser extent from additional US duties, which were partially offset by price increases over the period.

Profit for the period increased to € 1.8 billion. This compared to € 0.5 billion in the prior-year period, that included a € 1.2 billion non-cash write-down linked to the sale of YNAP.

Finally, amidst ongoing macroeconomic uncertainty, the net cash position remained solid at € 6.5 billion at 30 September 2025, up € 0.4 billion versus 30 September 2024.

November 18, 2025