The jewelry industry still has a bright future ahead, and Richemont’s results prove it: the Swiss group reported strong sales growth for its 2025–2026 fiscal year, even as the global luxury market as a whole is losing momentum.
In a luxury sector still marked by slowing global demand, Richemont continues to stand out as an exception. For its 2025-2026 fiscal year ending March 31, the owner of Cartier, Van Cleef & Arpels, and Buccellati reported revenue of €22.42 billion, up 5% at current exchange rates and 11% at constant exchange rates.
Momentum also remained particularly strong in the fourth quarter, with sales growth of 13% at constant exchange rates.
Profitability under pressure despite rising sales
The group’s operating profit stood at €4.49 billion, a modest increase of 1% year-over-year. The operating margin thus fell to 20%, compared with 20.9% a year earlier.
Richemont attributes this decline to several unfavorable factors, notably rising raw material costs—particularly for gold—the negative impact of currency fluctuations, and €164 million in non-recurring costs.
Additionally, annual net profit reached €3.48 billion, compared to €2.75 billion the previous year, representing a 27% increase. This strong growth is, however, partly due to the absence of exceptional expenses comparable to those recorded in the previous fiscal year, particularly those related to discontinued operations.
Jewelry drives the growth while watches remain fragile
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Featured photo : © Richemont
