Luxury goods group Richemont sees strong first quarter sales growth across key markets

Compagnie Financière Richemont SA increased sales 6% to €5.4 billion in the quarter to June 30, 2025, the Switzerland and JSE-listed luxury goods group that trades under brands such as Cartier, Paige and Van Cleef & Arpels said Wednesday.

The increase in the group first quarter sales was in spite of a volatile macroeconomic and geopolitical environment in many markets. The growth was led by double-digit increases in Europe, the Americas and Middle East & Africa, more than offsetting Japan’s sales decline against high prior-year comparatives.

Sales in the Asia Pacific region remained stable. In Europe, sales grew by 11%, driven by robust demand from local clients and overall positive tourist spend, supported by successful jewellery events. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany, the group said in a statement.

In the Americas, sales growth remained strong at 17%, driven by local demand across all business areas and markets. Sales in the Middle East & Africa region rose by 17%, led by the United Arab Emirates market as well as higher tourist spend.

In Japan, sales declined by 15% against a demanding 59% comparative in the prior-year period, with a strengthening Yen strongly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive.

Asia Pacific sales were stable overall versus the prior-year period, as a 7% decline in China, Hong Kong and Macau combined, was compensated by robust growth in almost all other Asian markets. Of note, sales in Australia and South Korea were up double digits.

The four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier, recorded an 11% rise in sales, marking a third consecutive quarter of double-digit growth, supported by both jewellery and watch product lines.

Specialist Watchmakers sales were 7% lower than the prior-year period, largely reflecting declines in sales in China, Hong Kong and Macau combined as well as in Japan, partly offset by double-digit growth in the Americas.

The “Other” business area, which includes Fashion & Accessories Maisons, fell 1% compared to the prior-year period. Highlights included continued solid momentum at Peter Millar and Alaïa, an encouraging performance at Chloé and robust growth at Watchfinder & Co.

There was consistent growth across all distribution channels, led by Jewellery Maisons. The group cash position remained robust at €7.4 billion, after cash of €4276m was transferred to luxury fashion e-commerce company YNAP, upon closing of the sales transaction with LuxExperience.

Richemont’s sale of YNAP to luxury e-commerce platform Mytheresa, now called LuxExperience, involved transferring YNAP debt-free, with a €555m cash balance, in exchange for 33% of LuxExperience, which was finalised in April 2025.

Richemont's share price gained 1% on the JSE Wednesday morning to R3325.58 per share, 18.3% higher than the R2811.00 it traded at a year previously.

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