Editor’s Note
This article highlights the continued resilience of the luxury sector, with Richemont’s latest results showing robust growth led by its jewelry maisons. The performance underscores sustained high-end demand even against strong prior-year comparisons.
On January 15 (local time), Swiss luxury group Richemont announced its financial results for the third quarter (October-December) ending December 31, 2025. Group sales reached €6.4 billion, recording an 11% increase on a constant currency basis compared to the same period last year. Despite the high comparative base from the previous year’s double-digit growth, the third quarter, which includes the year-end shopping season, maintained a stable growth trajectory.
By business segment, the Jewelry Maisons, which include Cartier and Van Cleef & Arpels, showed the highest growth with a 14% sales increase on a constant currency basis.
The Specialist Watchmakers segment also grew by 7%, securing positive growth for two consecutive quarters. Meanwhile, the “Other” segment, which includes Fashion & Accessories, remained flat overall, although the Fashion & Accessories Maisons alone showed a resilient trend with a 3% increase.
Regionally, all areas grew on a constant currency basis, with the Americas, Japan, and the Middle East & Africa recording double-digit growth.
The Americas grew by 14%, with all business areas contributing to growth. The Japanese market showed a high increase of 17%, with both local demand and tourist demand boosting sales, centered around the Jewelry Maisons. The Middle East & Africa region grew by 20%, the highest growth rate among all regions, driven by the strong performance of the United Arab Emirates (UAE) market.
Europe grew by 8%, supported by local demand and consumption from tourists from North America and the Middle East. The Asia-Pacific region also maintained positive growth with a 6% increase.
By sales channel, directly operated retail recorded the highest growth at 12%. Retail accounts for 72% of group sales. Wholesale and royalty income grew by 9%, and online retail also grew by 5%, resulting in positive growth across all channels.
Cumulative sales for the nine months from April to December 2025 reached €17.0 billion, achieving a 10% increase on a constant currency basis and a 5% increase on a reported basis. Balanced growth continues across all regions, businesses, and sales channels.
As of December 31, 2025, net cash stood at €7.6 billion, maintaining a solid financial foundation. Despite ongoing macro-environmental challenges such as foreign exchange uncertainty and rising raw material costs, Richemont plans to continue investing with a view to the medium- to long-term growth of each Maison.