Cartier and Van Cleef lead Richemont’s double-digit sales rebound
Richemont has reported a resilient set of half-year results, with sales up 10% at constant exchange rates to €10.6 billion (£9.35 billion). Momentum strengthened in the second quarter with growth accelerating to 14%.
The performance was driven by double-digit increases across all regions, underpinned by strong local demand and the group’s growing reliance on direct-to-client sales, which now account for 76% of revenues.
Richemont’s Jewellery Maisons - Cartier, Van Cleef & Arpels, Buccellati and Vhernier - once again led the performance. Sales rose 14% at constant rates, with operating margin reaching 32.8%.
After an 18-month downturn for the global watch sector, Richemont’s Specialist Watchmakers showed early signs of improvement. Sales declined 6% overall but returned to 3% growth in Q2 at constant rates.
Sales in the Fashion & Accessories division were broadly flat for the half-year, but momentum improved in Q2. Alaïa and Peter Millar continued to outperform, with Chloé also showing progress. The wider division posted a €42 million (£37 million) operating loss.
All major regions delivered double-digit growth in Q2, with Europe, the Americas and the Middle East performing strongest. Asia Pacific returned to growth in the quarter, although recovery remains uneven across the region.
Operating profit rose 7% to €2.4 billion (£2.1 billion), or 24% at constant exchange rates, despite a 190bps decline in gross margin driven by FX impacts, higher raw material costs and the first wave of new US tariffs on Swiss-made goods. Net profit increased to €1.8 billion (£1.6 billion).
