Richemont reported another increase in jewelry sales in the three months to 30 June, but saw its watch revenue dip again.
The Swiss luxury goods conglomerate said its jewelry maisons – including Cartier, Van Cleef & Arpels, Buccellati, Piaget and Vhernier – saw sales increase by 11 per cent at constant exchange rates during Q1 FY2026 to EUR 2.914bn (USD 3.359bn).
It marks the third consecutive quarter of double-digit growth. In Q4 2025 the increase was 8 per cent.
Richemont said sales had been boosted in Europe, Americas, and Middle East & Africa by a robust recovery in tourism local spending. All regions posted increases, except for Japan.
But watch sales declined by 7 per cent to EUR 824m (USD 950m), mainly due to downturns in China and Japan, but offset by double-digit growth in the Americas.
Consumers were cautious, switching from high-end to mid-range watches from Richemont’s brands – A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.
Watches and jewelry account for almost 90 per cent of Richemont’s total revenue (the rest is fashion and accessories).
Across the entire group sales increased 6 per cent to EUR 5.4bn (USD 6.23bn) despite macroeconomic volatility.
Source: IDEX