Richemont H1 financial results show resilient growth

For the six-month period ended 30 September 2025, Richemont delivered resilient growth despite persistent macroeconomic and geopolitical headwinds. Group sales reached 10.6 billion euros (12.3 billion dollars), up 10 percent at constant exchange rates and 5 percent at actual rates, with a strong acceleration in the second quarter where sales rose 14 percent at constant rates.

Chairman Johann Rupert said Richemont’s diverse portfolio of Maisons, disciplined execution and continued local demand helped the Group deliver a “remarkable top-line performance” in a challenging environment. He cautioned, however, that uncertainty in markets such as China and external cost pressures will continue to require agility and focus.

Richemont's jewellery segment drives H1 results

Operating profit increased 7 percent to 2.4 billion euros, or 24 percent at constant exchange rates, supported by robust top-line momentum and disciplined cost management that helped offset pressure from adverse currency movements, higher raw material prices—particularly gold and new U.S. duties on luxury goods. Profit for the period jumped to 1.8 billion euros, reflecting strong results from continuing operations and the non-recurrence of last year’s 1.2 billion euros loss tied to the YNAP divestment. Richemont closed the period with a 6.5 billion euros net cash position.

The Group’s Jewellery Maisons—Buccellati, Cartier, Van Cleef & Arpels and Vhernier—remained the primary growth engine, posting 9 percent sales growth at actual rates and 14 percent at constant rates in the first half, accelerating to 17 percent in Q2. Jewellery delivered an operating margin of 32.8 percent, contributing 2.5 billion euros in operating profit despite significant cost pressures.

The Specialist Watchmakers division showed signs of stabilisation, with sales down 6 percent at actual rates but only 2 percent lower at constant rates in the first half, and returning to 3 percent growth in Q2 at constant exchange rates. Sales performance varied by region, with double-digit growth in the Americas but continued softness in China. The division posted a 3.2 percent operating margin.

Richemont's Fashion & Accessories witness stable performance

Richemont’s ‘Other’ business area—which includes Fashion & Accessories Maisons such as Alaïa, Peter Millar and Chloé—reported broadly stable revenue, down 1 percent at actual rates but up 2 percent at constant rates, accelerating to 6 percent growth in Q2. Ready-to-wear delivered double-digit sales growth at constant exchange rates, although the business area recorded a 42 million euros operating loss, largely driven by Fashion & Accessories.

All regions recorded double-digit growth in the second quarter at constant exchange rates, with China, Hong Kong, Macau and Japan returning to growth, while Europe, the Americas and the Middle East maintained strong momentum. Direct-to-client sales remained dominant, representing 76 percent of total group revenue.

At the September 2025 Annual General Meeting, shareholders re-elected the board members standing for renewal and approved the appointment of KPMG SA as the group’s new auditor.