Richemont has just published its FY25 Q3 finance report and things are looking good for the luxury conglomerate, particularly for the jewelry maisons which are the main drivers accelerating sales. Those glamorous Christmas and festive campaigns have definitely paid off for French giants Cartier and Van Cleef & Arpels, as well as Milanese brands Buccellati and Vhernier, as collectively they reported a +14% increase in total revenue.

Contributing to the group’s highest ever quarterly sales of €6.2 billion, jewelry maisons accounted for about €4.5 billion, with the remaining €867 billion derived from specialist watchmakers, and a further €782 billion from ‘other’ brand categories which includes the fashion and accessories players. Specialist watchmakers closed Q3 with -8% in total revenue, Fashion & Accessories Maisons, recorded an 11% sales increase, with brands like Alaïa and Peter Millar performing well.

Taken altogether, Richemont reported a strong overall growth of +10% which translates to €6.2 billion — the highest in quarterly sales ever announced by the group.

Richemont FY25 Q3 Performance by region

Revenue growth was somewhat consistent throughout all major regions in the world with the exception of Mainland China. Tellingly, all regions reported double-digit growth except Asia Pacific.

Sales in the Americas surged by a robust 22%, driven by strong local demand for hard luxury goods. Across Europe, the group achieved a 19% increase in sales, bolstered simultaneously by higher domestic demand and increased tourist spending (particularly from North American and Middle Eastern visitors.) Notable performances came from France, Switzerland and Italy.

Likewise, Middle East & Africa saw a 20% rise in sales, led by the UAE as well as increased tourist expenditure.

Meanwhile, Asia Pacific faced a 7% decline in sales primarily due to an 18% drop in Mainland China, Hong Kong, and Macau, reflecting continued weak demand in Mainland China. Japan, however, experienced a 19% sales growth supported by spending from both tourists and locals as a result of the weakened Yen.

Other Asian markets saw their performance improve in the quarter, with positive results in most countries including double-digit growth in Korea.

Richemont FY25 Q3 Performance by distribution channel

All distribution channels recorded a rise in sales. Retail sales increased by 11%, with growth in almost all regions, led by the jewelry maisons, and further raising its contribution to 71% of Group sales.

Wholesale was up 4% from the prior-year period, once again sustained by solid performance at the jewelry maisons and Other Business Areas, which more than offset a decline at the Specialist Watchmakers.

Online retail sales were up 17%, also led by jewelry maisons and Other Business Areas.

Richemont FY25 Q3 Performance by business area

The Group’s four jewelry maisons, Buccellati, Cartier, Van Cleef & Arpels and Vhernier, saw their growth accelerate this quarter to +14% against a demanding +12% comparative in the prior-year period. This was fuelled by the performance of iconic Jewellery and Watch lines supported by novelties which met a strong success, particularly during the festive season. Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe.

Specialist Watchmakers’ sales grew across all regions except Asia Pacific, with notable double-digit increases in the Americas and Middle East & Africa, thereby moderating from a 16% rate of decline seen in the first half of the year to -8% in Q3.

The Group’s Other business area, which includes Fashion & Accessories Maisons, recorded a rise in sales of 11% compared to the prior-year period. Watchfinder & Co grew at double digits, while the Fashion & Accessories Maisons saw their sales increase by 7%, thanks to continued progress at Alaïa and Peter Millar, as well as the added contribution of Gianvito Rossi, consolidated since 1 February 2024.

All in all, sales over the nine-month period to December 2024 increased by 4% at constant and by 3% at actual exchange rates.

The company’s net cash position at 31^st December 2024 strengthened to €7.9 billion, up from €6.8 billion in the previous year, indicating a solid financial foundation. It excludes YOOX NET-A-PORTER (YNAP)’s net cash position of € 0.2 billion since the assets and liabilities of YNAP are classified as ‘Assets of disposal group held for sale’ and ‘Liabilities of disposal group held for sale’, respectively.

YNAP, which is presented as ‘discontinued operations’, recorded a sales reduction of 15% at constant exchange rates (-14% at actual exchange rates) for the three months ended December 2024 and declined by 15% at both constant and actual exchange rates for the nine months ended December 2024.

These results underscore Richemont’s resilience and strategic focus on its core jewelry brands, positioning the company favorably for future growth in the luxury sector.

Maisons of Richemont

Richemont operates in three business areas: Jewellery Maisons, Specialist Watchmakers and Other Business Areas.

Jewellery Maisons include Buccellati, Cartier, Van Cleef & Arpels and Vhernier. Specialist Watchmakers include A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.

Other Business Areas primarily include Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, Gianvito Rossi, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as digital watch platform Watchfinder & Co.

In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.