Editor’s Note
This article reports on Richemont’s Q3 FY2026 results, highlighting a return to growth for its Specialist Watchmakers division and strong performance from its Jewellery Maisons.
Before the market opened in Zurich on January 15, Swiss luxury goods giant Richemont Group, listed on the SIX Swiss Exchange, announced its financial results for the third quarter of fiscal year 2026, ending December 31, 2025.
Total sales increased by 11% at constant exchange rates to €6.399 billion (up 4% at actual exchange rates). The Jewellery Maisons division, led by Cartier, grew by 14% at constant exchange rates, and the Specialist Watchmakers division returned to growth for the second consecutive quarter.
Sales in Greater China (including Mainland China, Hong Kong, and Macau) grew by 2% year-on-year in the third quarter, primarily driven by solid performance in Hong Kong. This growth rate is lower than the 7% increase in the second quarter. In the first quarter, sales in Greater China had declined by 7% year-on-year.
For the first nine months of the fiscal year, Richemont’s total sales reached €17.018 billion, representing a 10% increase at constant exchange rates (5% at actual exchange rates). This performance was achieved against a high base of comparison from the same period last year (which saw double-digit growth), continuing the solid momentum from the first half and achieving growth at constant exchange rates across all regions.
Despite ongoing pressure on margins from weak major trading currencies and rising raw material costs, Richemont stated it will continue to invest to nurture the long-term growth prospects of its brands. The Group’s net cash position as of December 31, 2025, stood at €7.6 billion (compared to €7.9 billion at the end of December 2024).
— By Division —
Jewellery Maisons: Combined sales of the Group’s four jewellery brands—Cartier, Van Cleef & Arpels, Buccellati, and Vhernier—increased by 14% at constant exchange rates to €4.785 billion (up 6% at actual rates). This strong performance was achieved on a high base from the same period last year (+14%), marking another successful festive season for all brands. Both jewellery and watch categories within the division saw robust growth, driven by continued strong demand for iconic collections, attractive new product launches, and impactful communication campaigns. The division achieved double-digit growth across all channels and recorded positive growth in all regions, with the highest growth rates in the Americas, Middle East & Africa, and Japan.
Specialist Watchmakers: Sales for the Specialist Watchmakers division (including A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin) increased by 7% at constant exchange rates to €872 million (up 1% at actual rates).
The division achieved growth across all regions, with the Americas and Middle East & Africa regions recording double-digit growth.
Other: Sales for the Other division, which includes Fashion & Accessories Maisons and Watchfinder, were flat (0%) at constant exchange rates and decreased by 5% at actual rates to €742 million. This division faced a high comparison base from the same period last year, which saw an 11% increase. Watchfinder & Co. achieved double-digit growth. Sales for Fashion & Accessories Maisons grew by 3%, with Peter Millar and Gianvito Rossi showing notably solid momentum.
— By Market —
All regions achieved growth in the third quarter. The Americas, Japan, and the Middle East & Africa regions all recorded significant double-digit growth.
Europe: Sales increased by 8% year-on-year, primarily driven by growth in local demand and positive contributions from tourist spending from North America and the Middle East. The Jewellery Maisons, Specialist Watchmakers, and Fashion & Accessories divisions all achieved positive growth in Europe. The UK and Italian markets performed particularly strongly.
Asia-Pacific: Sales increased by 6% year-on-year, primarily driven by growth in the Jewellery Maisons and Specialist Watchmakers divisions. Notably, combined sales in Mainland China, Hong Kong, and Macau grew by 2% year-on-year, mainly supported by solid performance in Hong Kong. Other markets in the Asia-Pacific region continued to record strong growth, with performance in South Korea and Australia remaining noteworthy.
Americas: Sales increased by 14% year-on-year, continuing the strong momentum in local demand. All business areas and key markets in the region contributed to the regional growth.
Japan: Sales increased by 17% year-on-year, led by the strong performance of the Jewellery Maisons. Local demand in this market remained very solid, and tourist spending was generally supportive.
Middle East & Africa: Sales increased by 20% year-on-year, recording the highest growth rate among all regions. This growth was primarily led by the strong performance in the United Arab Emirates market, with all business areas in the region achieving double-digit growth.
— By Channel —
Sales grew across all distribution channels, with the Retail channel leading with a 12% increase. Sales from the Direct-to-Customer (DTC) channels (including Retail and Online Retail) accounted for 78% of the Group’s total sales.
Retail: Includes sales from the Group’s directly operated boutiques. Sales in this channel increased by 12% year-on-year in the third quarter, primarily led by the Jewellery Maisons, and achieved double-digit growth in all regions except Asia-Pacific. The Retail channel remains the largest contributor to Group sales, accounting for 72% of sales.
Online Retail: Sales increased by 5% year-on-year, primarily led by the Jewellery Maisons. Online sales grew in Japan, the Americas, and the Middle East & Africa.
Wholesale & Royalties: Sales increased by 9% year-on-year, primarily led by double-digit growth in the Jewellery Maisons and Specialist Watchmakers divisions, with growth achieved across all regions.
As of 10:00 AM local time, Richemont’s share price was down 2.86% from the previous day to CHF 169.8 per share, with a total market capitalization of CHF 99.86 billion.
