Richemont is accelerating its growth thanks to its jewellery business
Keystone-SDA
The jewellery and watch group posted a strong rise in turnover in the first quarter of the 2026/27 financial year, exceeding analysts’ expectations.
Products from the jewellery houses Cartier and Van Cleef & Arpels continue to enjoy great popularity. Group turnover rose by 17% to €6.33 billion in the months from April to June compared with the same period last year, according to a statement issued on Wednesday. Adjusted for currency effects, Richemont would have seen growth of as much as 20%.
Richemont has thus further accelerated its already high rate of growth. In the final quarter of the previous year, sales had grown by 16% on a currency-adjusted basis.
This positive performance continues to be driven by the jewellery business. In the quarter under review, turnover in this segment rose by 21% to €4.37 billion. Sales by watch manufacturers, including brands such as IWC and Piaget, continued to lag behind, with revenue up 6% to €873 million euros.
Expectations exceeded
With these revenue figures, Richemont has clearly exceeded analysts’ expectations as per the AWP consensus. Analysts had forecast group revenue of €5.91 billion and growth of 11.5% in local currencies.
As is customary, the group does not provide details on profit performance for the first quarter. Nor is the management team led by Chairman Johan Rupert offering any guidance.
Strong US growth
At a regional level, the recovery in Asia, amongst other factors, contributed significantly to Richemont’s success. The group increased its turnover in Asia-Pacific by 21% on a currency-adjusted basis. Business in China, Macau and Hong Kong saw double-digit growth overall. A year ago, the luxury goods sector in these markets had suffered from weak consumer spending.
Meanwhile, demand remains strong in the US. In the Americas region, Richemont’s turnover soared by 27%, whilst in the Middle East & Africa, growth of 3% was recorded despite the geopolitical crisis in the region.
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Translated from German, reviewed by an English Department journalist.
