Editor’s Note
Richemont’s latest results highlight a resilient performance in its core jewelry business, offsetting softness in watches. The group’s overall revenue growth exceeded market expectations, underscoring the nuanced dynamics within the luxury sector.
The jewelry and watch conglomerate Richemont significantly increased its revenue in the first half of the year. While jewelry sales advanced, the watch segment showed weakness. Overall, the Geneva-based company performed operationally much better than analysts had expected. In the first half of the 2024/25 fiscal year (ending September), group revenue rose by 5 percent year-on-year to 10.6 billion euros, as announced by the group on Friday. The group owns luxury watch brands like Piaget or IWC as well as jewelry houses like Cartier or Van Cleef & Arpels. Adjusted for currency effects, the group-level increase calculates to 10 percent.
The jewelry division grew by 9 percent to 7.75 billion euros, while the watch business declined by 6 percent to 1.56 billion. The group stated that it grew organically in all market regions except Japan. Operating profit (EBIT) in the first half increased by 7 percent to 2.36 billion euros, with the margin rising by 0.3 percentage points to 22.2 percent. The bottom line showed a profit from continuing operations of 1.8 billion euros. This was four percent higher than a year earlier.
With the presented figures, which already exclude the online division sold at the end of April 2025, Richemont has exceeded analyst expectations. As usual, Richemont did not provide an outlook for the further course of the 2025/26 fiscal year.