Swiss luxury group RICHEMONT reports very solid calendar year end with Group Q3 sales of € 6.4 billion, up by 11% at constant exchange rates against demanding double-digit comparatives in prior-year period; Q3 sales up by 4% at actual rates. Continued strength at Jewellery Maisons, with sales up by 14% at constant rates; further improvement at Specialist Watchmakers, up by 7%; stable ‘Other’ sales, with Fashion & Accessories Maisons up by 3%
9-month sales at € 17.0 billion, up by 10% at constant exchange rates and 5% at actual rates. Consistent investment to nurture Maisons’ growth prospects in a complex macroeconomic environment marked by weaker main trading currencies and rising material costs continuing to weigh on margin. Robust net cash position at € 7.6 billion
All regions posted solid growth, led by double-digit performances in the Americas, Japan and Middle East & Africa, against demanding comparatives in the prior-year period. In the Americas, ongoing strength in local demand drove a 14% rise in sales, with all business areas and all main markets contributing to the regional performance. In Europe, sales increased by 8%, led by local demand and supportive tourist spending, particularly from North American and Middle Eastern clienteles. Jewellery Maisons, Specialist Watchmakers and Fashion & Accessories Maisons were all positive.
Most markets enjoyed robust growth, notably the UK and Italy. The Middle East & Africa region posted the highest regional growth with sales up by 20%, led by strength in the United Arab Emirates market and double-digit growth across all business areas. Asia Pacific sales increased by 6%, with growth at Jewellery Maisons and Specialist Watchmakers. Sales in China, Hong Kong and Macau combined were up by 2%, mostly led by solid activity in Hong Kong. Growth was robust elsewhere in the region, with noteworthy performances in the South Korean and Australian markets. In Japan, sales grew by 17%, primarily driven by Jewellery Maisons. Local demand in the market remained strong, with tourist spending overall also supportive.
All distribution channels contributed to the growth in sales. Sales through the retail channel grew the most, up by 12%, with broad-based strength across regions and business areas. Retail represented 72% of Group sales. Wholesale sales rose 9%, led by double-digit performances at both Jewellery Maisons and Specialist Watchmakers, and grew across all regions. Online retail sales were up 5%, led by Jewellery Maisons.
The Group’s four Jewellery Maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier – delivered a 14% increase in sales against a demanding +14% comparative in the prior-year period, marking another successful festive season across all the Maisons. Both jewellery and watch categories grew strongly, led by iconic lines and fuelled by attractive novelties and impactful communication. Sales rose by double-digits across all channels and were up across all regions, with the Americas, Middle East & Africa and Japan enjoying the highest growth rates.
Specialist Watchmakers recorded a second consecutive positive quarter, with sales up by 7% and growth across all regions, including double-digit performances in the Americas and Middle East & Africa. The Group’s Other business area, which includes Fashion & Accessories Maisons, recorded stable sales against an 11% growth rate in the prior-year period. Watchfinder & Co. grew by double digits, while sales at Fashion & Accessories Maisons were up by 3%, with Peter Millar and Gianvito Rossi notably showing solid momentum.
Trading in the nine-month period ended 31 December 2025
Sales over the nine-month period to December 2025 increased by 10% at constant exchange rates and by 5% at actual rates. At constant exchange rates, growth was broad-based across all regions, channels and business areas. A quarter-by-quarter sales overview is presented in Appendix 1.
The Group’s net cash position on 31 December 2025 stood at € 7.6 billion (2024: € 7.9 billion).
Fondation Cartier Paris
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