Richemont said first-half profit rose 39% to €2.528 billion, as jewelry maisons remained its largest business and watchmaker sales accelerated in the second quarter. The results show uneven demand across global luxury markets, with growth in Japan and the Americas alongside continued softness in mainland China.
The Swiss luxury group reported sales of €12.282 billion for the six months ended Sept. 30, 2026, up 16% at actual exchange rates and 17% at constant exchange rates. Group sales grew 13% at constant exchange rates in the second quarter, compared with 14% in the same period a year earlier. Reuters reported that the profit exceeded analysts’ €2.26 billion consensus.
Buccellati, Cartier, Van Cleef & Arpels and Vhernier together generated €9.146 billion in first-half sales, up 18% at actual exchange rates and 19% at constant rates. Their second-quarter sales rose 14% at constant rates, down from 17% growth a year earlier. Reuters reported that an RBC poll had forecast 16% growth in second-quarter jewelry sales.
Specialist watchmakers recorded €1.706 billion in sales for the half, an increase of 9% at actual exchange rates and 10% at constant rates. Their second-quarter sales grew 12% at constant rates, compared with 3% in the prior-year quarter.
At constant exchange rates, first-half sales rose 30% in Japan, 23% in the Americas, 16% in Asia Pacific and 13% in Europe. Sales in China, Hong Kong and Macau combined increased 7%, with a modest second-quarter rise despite continued softness in mainland China. Richemont did not report a separate mainland China figure. Sales in the Middle East and Africa fell 2% for the half and 7% in the second quarter. The company said regional conflict reduced tourist spending, particularly in the United Arab Emirates.
Operating profit increased 33% to €3.129 billion, including €229 million in positive tariff-related one-time items. Excluding those items, operating profit was €2.9 billion. Gross margin was 66.5%, or 64.6% excluding the one-time contribution, down 70 basis points from a year earlier. Richemont said elevated raw-material costs, particularly gold, weighed on margins.
Chairman Johann Rupert said the macroeconomic and geopolitical environment would “remain volatile for the foreseeable future.” Richemont said its 2026 Interim Report would be available on its website from Nov. 20.
