Richemont Q1 2026 Results: Sales Up 20%, Jewellery and Watches Shine

Richemont, the Swiss luxury goods conglomerate, has reported a robust start to its 2026 fiscal year, with first-quarter sales surging 20% at constant exchange rates. The group, which owns prestigious watch and jewellery brands, continues to demonstrate resilience and growth across its portfolio.

Financial Highlights

For the quarter ended 30 June 2026, Richemont achieved revenues of EUR 6.3 billion, a 20% increase at constant exchange rates and a 17% rise at actual exchange rates compared to the same period last year. This growth was primarily driven by the group's Jewellery Maisons, which include Cartier and Van Cleef & Arpels.

Jewellery Maisons Lead the Charge

The Jewellery Maisons segment posted sales of EUR 4.732 billion, up 24% at constant rates. This performance underscores the enduring appeal of high jewellery and the strength of Richemont's iconic brands in this category. Cartier and Van Cleef & Arpels, in particular, continue to be key growth engines for the group.

Specialist Watchmakers Show Encouraging Signs

After a period of pressure across the Swiss watch sector, Richemont's Specialist Watchmakers returned to growth with an 8% increase in sales at constant rates, reaching EUR 873 million. The group reported that sales rose across most Maisons, with Vacheron Constantin, Jaeger-LeCoultre, and A. Lange & Söhne standing out. This positive trend suggests a potential turnaround for the watch division, which has faced challenges in recent years.

Geographical Performance

Richemont's business expanded in most regions, with all major markets contributing to growth:

• Americas: +27% at constant rates, leading the expansion
• Japan: +36%, the fastest-growing market
• Asia Pacific: +21%
• Europe: +11%
• Middle East & Africa: +3%, despite geopolitical challenges

Distribution Channels

Richemont continued to benefit from strong direct-to-client demand. Retail sales climbed 24% at constant exchange rates, representing 71% of the group's business. Online retail increased 18%, while wholesale and royalty income grew 9%. This shift towards direct-to-consumer channels reflects broader industry trends and the group's strategic focus on controlling its distribution.

Outlook

The strong first-quarter results position Richemont well for the remainder of the fiscal year. The group's diversified portfolio, spanning both jewellery and watches, provides a balanced foundation for growth. As the luxury market evolves, Richemont's ability to adapt and innovate will be crucial in maintaining its momentum.

For collectors and enthusiasts, these results signal a healthy demand for high-end timepieces and jewellery, particularly from Richemont's esteemed Maisons. The return to growth in the Specialist Watchmakers segment is particularly encouraging, indicating that the watch industry may be recovering from recent downturns.