Swiss luxury group Richemont, owner of Cartier, Van Cleef & Arpels, Buccellati and specialist watchmakers including IWC and Piaget, reported stronger-than-expected first-half sales on Friday, November 13. Revenue for the six months to September 30 reached €12.3 billion, up 17% at constant exchange rates, while second-quarter growth held at 13% despite a tougher comparison with the previous year.
The results show that high-end jewellery continues to support the group even as parts of the global luxury market face weaker demand, particularly in mainland China. Yet the market reaction was more cautious: Richemont shares fell as much as 9% during trading after investors focused on the slower pace of jewellery growth and the gap between the latest quarterly performance and analysts’ expectations.
Sales Reach €12.3 Billion In First Half
Richemont’s official results statement said group sales rose to €12.3 billion in the six months ended September 30, representing a 17% increase at constant exchange rates and 16% at actual rates. Growth slowed from 20% in the first quarter to 13% in the second quarter, but the company said it maintained momentum against a high comparative base.
Second-quarter sales were €5.95 billion, above the analyst consensus of about €5.89 billion reported by Reuters. The jewellery division remained the largest growth engine. Richemont’s Jewellery Maisons — Buccellati, Cartier, Van Cleef & Arpels and Vhernier — recorded 18% growth for the first half at constant rates, including 14% growth in the second quarter.
Specialist watchmakers also improved. The division generated €1.7 billion in first-half sales, up 9% at actual rates and 10% at constant rates. Its second-quarter growth reached 12%, a sign that demand for higher-end watches has strengthened after a difficult period for parts of the watch industry.
Jewellery Remains Strong, But Growth Is Cooling
The most closely watched detail was the pace of jewellery sales. Richemont’s jewellery maisons generated about €4.41 billion in the second quarter, with growth of 14% at constant exchange rates. Reuters reported that analysts had expected growth of around 16%. The division’s performance remains strong, but the comparison with the previous quarter’s 20% group growth has made investors more sensitive to signs of moderation.
Demand was strongest in the Americas, Japan and Europe, according to the company and market reports. Vogue Business reported that sales in the Americas rose 19%, Europe increased 15%, Asia-Pacific grew 10% and Japan advanced 23%, while the Middle East and Africa declined 7%. Mainland China remained subdued, although stronger activity in Hong Kong and Macau partly offset the weakness.
The regional mix matters because luxury companies have been trying to reduce their dependence on Chinese shoppers and tourist spending. Richemont chief executive Nicolas Bos told Reuters that demand in China remained soft but stable. The group said direct-to-client sales accounted for 78% of first-half revenue, a measure of its continued focus on retail and online channels rather than wholesale distribution.
Profit Rises As Group Navigates Costs And Tariffs
Richemont reported first-half operating profit of €3.1 billion. The figure included €229 million in positive one-off tariff-related items; excluding those items, operating profit was €2.9 billion. Net profit increased to €2.53 billion from €1.81 billion in the same period a year earlier.
The company said elevated raw-material costs remained a challenge, particularly for jewellery houses that use precious metals and gemstones. Its maisons have continued to invest in product design, craftsmanship, manufacturing capacity and retail networks while managing prices carefully. Those investments support brand positioning but also make cost control important when demand growth slows.
Why Investors Reacted Cautiously
The share-price decline does not erase the fact that Richemont beat the overall quarterly revenue forecast. It reflects the market’s focus on the quality and durability of growth. Investors are comparing the group’s jewellery performance with the exceptional gains of earlier quarters and assessing whether luxury demand can remain resilient as China’s economy and the wider global consumer environment evolve.
The contrast with other luxury groups is important. Richemont’s concentration in jewellery has helped it outperform businesses more exposed to fashion and leather goods. But the group is not insulated from higher gold prices, currency movements, trade policy uncertainty or weaker discretionary spending. Its results suggest affluent customers continue to buy high-value jewellery, while more aspirational shoppers remain cautious.
Chairman Johann Rupert said the group delivered strong results in a volatile geopolitical and macroeconomic environment. Reuters also reported that Rupert offered little detail on succession, although a transition was under way following the appointment of his son Anton as co-deputy chairman.
HeadlinesXtra Analysis
Richemont’s results show the value of a portfolio anchored by enduring jewellery brands. Cartier and Van Cleef & Arpels have benefited from demand for products that customers often view as both luxury purchases and long-term stores of value. That positioning has helped the group withstand a wider slowdown in parts of the luxury market.
However, the share-price reaction is a reminder that strong growth is not the same as accelerating growth. The market had become accustomed to exceptional jewellery expansion, so a 14% increase — still substantial by most retail standards — was not enough to prevent concern when it fell short of forecasts. Richemont will need to demonstrate that demand can remain broad-based without relying on unusually strong quarters or favourable currency movements.
The group’s next challenge is to protect margins while continuing to invest in craftsmanship and brand desirability. If Chinese demand stabilises and the United States, Japan and Europe remain supportive, Richemont could retain an advantage over luxury peers. If consumer confidence weakens or raw-material costs rise faster than pricing power, the same premium positioning could make growth more difficult. For now, the results are a strong performance with a clear warning: investors are looking for evidence that the jewellery boom can last.
Sources And Further Reading
- Richemont: First-Half Results For The Six Months Ended September 30, 2026 — official financial results and management commentary.
- Reuters: Cartier-Owner Richemont’s Quarterly Sales Raise Fears Of Jewellery Slowdown — market reaction, quarterly sales and analyst expectations.
- Financial Times: Jewellery Demand Helps Richemont Buck Luxury Downturn — regional performance and wider luxury-market context.
- Vogue Business: Richemont’s Jewellery Sales Rise 14% — category and regional sales breakdown.
- The Wall Street Journal: Cartier Parent Richemont Posts Sales Rise Despite Uncertain Market Backdrop — results, profitability and investor reaction.
- Euronext: Reuters Report On Richemont’s Quarterly Sales — additional publication of Reuters’ November 13 report.