Richemont Reports 11% Sales Growth in Q3 2025, Jewellery Outperforms Watches

Richemont, the Swiss luxury goods conglomerate that owns prestigious maisons such as Cartier, IWC, Jaeger-LeCoultre, and Vacheron Constantin, has announced a solid sales increase for the third quarter of the fiscal year 2025. In the three-month period ending 31 December 2025, the group reported an 11% rise in sales at constant exchange rates compared to the same period last year. This performance is particularly notable given the challenging global economic and political environment, including the impact of tariffs on exports to the United States.

Regional Performance Overview

All major regions contributed to the group's growth, with several posting double-digit increases. The Americas led the charge with a 14% surge in sales, driven by robust local demand across all business areas and main markets. Europe followed with an 8% increase, supported by local consumption and tourist spending, particularly from North American and Middle Eastern visitors. The Middle East & Africa region recorded the highest growth at 20%, buoyed by strong performance in the United Arab Emirates. Asia, which had faced challenges in previous quarters, saw a 6% rise, with combined sales in China, Hong Kong, and Macau up by 2%.

Jewellery Maisons Outperform Watchmaking

Richemont's jewellery division, comprising Buccellati, Cartier, Van Cleef & Arpels, and Vhernier, delivered the strongest quarterly performance, with sales increasing by 14%. This continues a trend where jewellery outperforms the watchmaking segment. The specialist watchmakers, however, also posted positive results, with a 7% sales increase—their second consecutive quarter of growth. The watchmaking division saw double-digit growth in the Americas and the Middle East & Africa, signalling a recovery in demand for high-end timepieces.

Nine-Month Financial Highlights

For the nine-month period ending December 2025, Richemont's total sales reached EUR 17.0 billion, up 10% at constant exchange rates. This growth occurred despite a complex macroeconomic environment, including weaker major trading currencies and rising material costs that continue to pressure profit margins. The group's resilience reflects the strength of its luxury brands and their appeal to affluent consumers worldwide.

Context and Implications for Watch Collectors

For watch enthusiasts and collectors, Richemont's performance offers valuable insights into the current state of the luxury watch market. The continued growth in the Americas and Europe suggests sustained demand for high-end mechanical watches, while the recovery in Asia, albeit modest, indicates a gradual rebound in that key market. The outperformance of jewellery maisons like Cartier and Van Cleef & Arpels may also influence trends in watch design, as these brands often set the tone for luxury aesthetics.

Looking Ahead

As Richemont navigates the remainder of the fiscal year, watch collectors should watch for potential impacts on pricing, availability, and brand strategies. The group's ability to achieve growth in a challenging environment underscores the enduring appeal of luxury goods, particularly in the watch and jewellery sectors. For those interested in acquiring timepieces from Richemont-owned brands, the current market conditions may present opportunities, but also potential challenges related to pricing and supply.

In summary, Richemont's third-quarter results for 2025 demonstrate robust health across its portfolio, with jewellery leading the way and watchmaking showing steady improvement. The positive performance across all regions, despite headwinds, reinforces the group's position as a powerhouse in the luxury industry. As always, collectors should stay informed about market trends and brand developments to make well-timed decisions in their horological pursuits.