Swiss luxury group Richemont reported solid results for the fiscal year ended March 31, 2026, maintaining strong momentum despite ongoing geopolitical uncertainty, rising raw material costs, and currency headwinds.
The group posted sales of €22.4 billion for FY2026, representing an 11% increase at constant exchange rates and a 5% increase at actual exchange rates. Momentum remained strong into the final quarter, with fourth-quarter sales rising 11% year-over-year, reinforcing the continued resilience of the group’s global luxury positioning.
Summary
- Richemont reported FY2026 sales of €22.4 billion, up 11% at constant exchange rates
- Fourth-quarter sales maintained double-digit growth momentum
- Jewelry Maisons including Cartier and Van Cleef & Arpels generated over €16.5 billion in sales
- The Americas and Middle East & Africa led regional growth
- The watch division remained under pressure, though signs of recovery emerged in the second half
Jewelry Maisons Remain Richemont’s Core Growth Engine
The strongest performance once again came from Richemont’s Jewelry Maisons division.
The segment — which includes Cartier, Van Cleef & Arpels, Buccellati, and Vhernier — generated €16.5 billion in sales for the fiscal year, up 8% at actual exchange rates and 14% at constant exchange rates.
Iconic collections such as Cartier’s “Love” and “Panthère,” alongside Van Cleef & Arpels’ “Alhambra,” continued to fuel demand globally. The maisons also strengthened their positioning through high jewelry presentations, selective boutique expansions, and carefully managed pricing adjustments amid rising gold costs.
Operating margin for the Jewelry Maisons reached 30.5%, further highlighting the division’s role as the group’s primary profit driver.
The Americas Lead Growth While China Shows Signs of Stabilization
Regionally, the Americas delivered the strongest performance throughout the fiscal year.
Sales in the region rose 17% at constant exchange rates, supported by sustained local demand across both jewelry and watch categories. Every quarter of the year recorded double-digit growth in the Americas.
The Middle East & Africa region also posted strong growth, with sales increasing 13% at constant exchange rates. However, Richemont noted that regional conflict beginning in March impacted tourist flows and softened fourth-quarter performance.
Asia Pacific sales increased 8% overall, with China, Hong Kong, and Macau returning to slight growth after improving trends from the summer onward. South Korea emerged as a particularly strong market, with sales reaching nearly €1.4 billion.
Japan also delivered robust performance, with sales rising 9% for the year and accelerating to 28% growth in the fourth quarter, driven primarily by local demand.
Watch Division Faces Continued Challenges Despite Improvement in H2
Richemont’s Specialist Watchmakers division — which includes Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen, and A. Lange & Söhne — continued to face a challenging market environment.
Sales for the division totaled €3.1 billion, down 4% at actual exchange rates. At constant exchange rates, however, sales rose modestly by 1%, supported by improving performance in the second half of the fiscal year.
Richemont highlighted stronger momentum at A. Lange & Söhne, Jaeger-LeCoultre, and Vacheron Constantin during the latter half of the year.
The group also confirmed that it signed an agreement in January 2026 to sell Baume & Mercier to Italy’s Damiani Group.
Richemont Chairman Johann Rupert commented on the group’s performance, stating: “In a persistently volatile geopolitical environment, the Group delivered strong growth and solid results, reflecting the resilience of its business model, the strength of its Maisons, the enduring agility and creativity of its teams and the benefits of its balanced regional footprint.”
He further added: “Looking ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East. Against this backdrop, the Group remains vigilant and will continue to rely on its long-term orientation and disciplined operating approach to enchant clients, maintain the desirability of its Maisons and deliver sustainable value over time for all stakeholders.”
Richemont’s Transformation Into a Jewelry-Led Luxury Group Becomes Clearer
The FY2026 results further reinforced Richemont’s ongoing evolution from a watch-focused luxury conglomerate into a jewelry-driven powerhouse.
The growing dominance of Cartier and Van Cleef & Arpels continues to reshape the group’s earnings structure, as high jewelry and iconic collections remain among the strongest-performing categories within global luxury.
At the same time, the watch division continues to navigate softer demand in China and broader market volatility, making brand differentiation and disciplined distribution increasingly critical.
The report also highlighted Richemont’s increasing emphasis on direct client relationships, with direct-to-client sales accounting for 77% of total group revenue during the fiscal year.
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