Editor’s Note
Richemont’s stronger-than-expected Q3 results, led by its jewelry maisons, offer a welcome sign of resilience in the high-end market.
Richemont, the global luxury group that owns brands such as Cartier, Van Cleef & Arpels, IWC, and Vacheron Constantin, surprised the industry by announcing a 10% increase in revenue for the third quarter of 2025. For the three months ended December 31, 2023, Richemont’s revenue reached €6.2 billion (approximately KRW 83 trillion), exceeding market expectations by 9%. This is interpreted as a positive signal that the global luxury market is emerging from a downturn.
The rise in performance is attributed to strong results in the jewelry segment. Jewelry sales increased by 14%, significantly surpassing analysts’ expectations (4%). Cartier’s Trinity, Panthère, and Juste un Clou collections, along with Van Cleef & Arpels’ Alhambra and Flora designs, were highly popular.
Richemont stated that it achieved double-digit growth in all regions except China. In particular, the Americas region saw a 22% increase in sales, while Europe saw a 19% increase. Overall performance also improved in the Asian market, with South Korea recording double-digit growth. Japan also saw a 19% sales increase due to growth in tourist and local consumer spending. Richemont assessed, “Sales showed strength in all regions except China, signaling a recovery in global consumer confidence.”
Experts view Richemont’s performance positively. Barclays analysts analyzed, “Richemont maintains a defensive character in the luxury market thanks to its high exposure to affluent consumer segments and strong brand power.”
Meanwhile, Richemont is enhancing operational efficiency through recent organizational restructuring. Nicolas Bos, former CEO of Van Cleef & Arpels, was appointed as Group CEO, taking on more responsibilities than former CEO Jérôme Lambert. This change is part of the succession plan of Richemont’s founder and chairman, Johann Rupert, leading to management changes at key brands.
Richemont’s stock price surged more than 16% following the earnings announcement. This also had a positive impact on the luxury industry, including LVMH and Kering. LVMH’s stock rose over 9%, and Kering also increased by more than 6%.
Richemont described this quarter’s performance as “the highest revenue quarter in the company’s history” and emphasized it as “a crucial quarter showing the potential for recovery in the luxury industry.” This performance is evaluated as having injected vitality into the global luxury market and offering hope to the industry and investors.
