- Richemont group sales were up 13% in its fiscal Q3, driven by the Americas (+19%) and Japan (+23%).
- Sales at its jewelry maisons, including Cartier and Van Cleef & Arpels, were up 14%.
- Sales at its specialist watchmakers were up 12%, while sales of ‘other houses’, including fashion houses, were up 9%.
The breakdown
Jewelry sales at Cartier’s parent company decelerated in fiscal Q2, after surging 24% in Q1. Jewelry maisons’ sales were up 14% to €4.4 billion in the second quarter of fiscal 2027, below consensus expectations of a 16% growth, while Richemont posted group sales up 13% at constant exchange rates to €6 billion, above consensus expectations of 12%.
Sales at the specialty watchmakers division, including IWC Schaffhausen, Jaeger-LeCoultre and Piaget, were up 12%. Second-quarter sales at the conglomerate’s “other houses” division, which includes fashion and accessories brands, were up 9%.
By geography, Richemont sales in the Americas were up 19% in Q2, Europe was up 15%, Asia-Pacific increased by 10%, Japan rose by 23%, while the Middle East and Africa were down 7%.
Despite the slowdown, Richemont remains the best in class in this season’s earnings calendar.
Analysts had anticipated a decline in third-quarter growth, but China’s macro environment has been a major drag, and the reality turned out worse than expected. LVMH reported a sales increase of 1% in Q3; Kering sales were down 1%. Meanwhile, Hermès sales were up 4.3%, the Prada brand reported sales up 1% and Miu Miu down 3%; the Moncler brand was down 1%; Burberry reported a 4% rise in second-quarter comparable store sales and the Zegna brand was up 8.2%.
While jewelry remains the strongest-performing category in luxury, brands across the sector began to lose momentum in calendar Q3. Sales at LVMH’s Watches & Jewelry division and Kering’s jewelry arm grew 6% and 11%, respectively, down from 11% and 18% growth in Q2.
This story is developing and will be updated.
