Richemont has once again proven that diamonds (and a few strings of pearls) are a recession’s best friend. For the quarter ending 30 June 2025, the Swiss luxury group reported a 6% uptick in sales at constant exchange rates, bringing revenue to a glitzy €5.4 billion. At actual exchange rates, the growth settled at a still-respectable 3%.

Leading the charge were the group’s Jewellery Maisons — Cartier, Van Cleef & Arpels, Buccellati, and Vhernier — delivering a sparkling 11% growth. Their continued momentum helped soften the blow from a 7% dip at the Specialist Watchmakers and a modest 1% decline in the ‘Other’ segment, which houses fashion and accessory brands like Chloé, Peter Millar, and Alaïa.

Which markets drove growth?

Double-digit growth in Europe, the Americas, and the Middle East & Africa was the highlight of the quarter. Europe rose 11%, buoyed by local demand, positive tourist spending, and successful high jewellery events, especially in Italy and Germany. The Americas saw 17% growth, underpinned by strong local consumption across all business segments.

(Image: Richemont)

In the Middle East & Africa, sales also rose 17%, with the UAE leading the charge, bolstered by an increase in tourism-related spend.

Conversely, Japan recorded a 15% decline, largely due to a challenging comparison against a 59% surge in the same period last year. A strengthening Yen put pressure on tourist spending, particularly among Chinese visitors, though local demand remained solid.

(Image: Richemont)

In the broader Asia Pacific region, sales were flat overall, masking a more nuanced picture: a 7% dip in China, Hong Kong, and Macau was offset by strong double-digit growth in markets like Australia and South Korea.

Growth was consistent across all three distribution channels — retail, wholesale, and online — each registering a 6% increase at constant exchange rates. Retail remained Richemont’s core engine, contributing 69% of group sales, and grew in all regions except Japan.

(Image: Richemont)

Wholesale and royalty income were lifted by healthy performances in Europe, the Americas, and the Middle East. Meanwhile, online retail saw solid growth across almost all regions, signaling resilience in Richemont’s digital push even after the divestment of YNAP (Yoox Net-a-Porter), which was officially transferred to Mytheresa’s parent LuxExperience in April 2025.

How are Richemont’s jewellery and watch divisions performing?

The jewellery maisons continued their winning streak, notching +11% sales growth for a third consecutive quarter. Both jewellery and timepieces within the Maisons performed well, with all regions contributing except Japan.

(Image: Richemont)

Richemont’s Specialist Watchmakers, home to A. Lange & Söhne, IWC, Jaeger-LeCoultre, Panerai and more, saw a 7% dip this quarter, largely due to muted demand in China, Hong Kong, and Japan. However, strong double-digit growth in the Americas helped cushion the decline, pointing to bright spots in key markets.

A more detailed breakdown and comprehensive analysis of the figures will follow shortly in the next report.