Richemont: Q3 Sales €6.4B (+11%)

Richemont reported €6.4 billion in third‑quarter sales, an 11% rise at constant exchange rates for the period ended 31 December 2025, underpinned by Jewellery Maisons and retail — while net cash remains robust at €7.6 billion.

Price: Q3 sales €6.4 billion (Oct–Dec 2025)
Carat weight: Jewellery Maisons sales €4.785 billion (Q3)
Origin: Compagnie Financière Richemont SA, Switzerland
Date: Quarter ended 31 Dec 2025; announcement 15 Jan 2026

Performance snapshot

Richemont sustained momentum through the festive quarter with group revenues up 11% at constant rates (4% at actual rates). Jewellery Maisons—Cartier, Van Cleef & Arpels, Buccellati and Vhernier—drove the advance (+14% at constant rates), while Specialist Watchmakers improved (+7%). Retail remained the dominant channel, rising 12% and representing roughly 72% of group sales, delivering broad regional strength: Americas +14%, Japan +17% and Middle East & Africa +20%.

2025 market context

The result sits squarely against two persistent 2025 trends. First, demand for high‑end jewellery retains substantial heft as consumers prioritise destination purchases and trophy pieces; second, margin pressure from higher material costs and weaker trading currencies continues to influence operating choices. Richemont’s continuing investment in Maison creativity and distribution — despite cost headwinds — signals a preference for long‑term structural value over short‑term margin optimisation.

Tactile signals investors watch

Beyond headline growth, the quarter shows texture: Jewellery Maisons contributed a vitreous luster to the top line, with double‑digit sales across channels; online retail grew modestly (+5%) but remains a lower‑heft contributor. The group’s net cash position of €7.6 billion provides balance‑sheet optionality—buybacks, selective M&A or sustained capex to expand retail and digital presence—while wholesale and royalty income (+9%) add a diversifying grain to revenue mix.

Why US retailers and investors should care

For US luxury retailers and investors, Richemont’s update is a barometer of premium consumer appetite and cross‑border tourism flows. The Americas posted double‑digit growth, driven largely by local demand; that suggests US domestic high‑end consumption is resilient enough to support inventory turns and elevated per‑transaction values. Investors should note the mix shift toward jewellery over watches — a structural preference that may warrant heavier exposure to Maisons and categories with substantial gross margins and durable brand equity.

Risks and operational levers

Margin compression from rising raw‑material costs and currency movements remains the principal risk. Richemont’s strategy—continued Maison investment and measured distribution expansion—will test whether top‑line momentum can translate into margin recovery in FY26. Watch for the full‑year results on 22 May 2026 and management commentary on capital allocation, inventory intensity and gross‑margin trends.

Bottom line

Richemont’s Q3 demonstrates a commercially textured recovery: substantial retail strength and jewellery‑led growth, backed by a healthy cash cushion. For US market participants, the update signals sustained high‑end demand and a selective opportunity to position around jewellery‑centric Maisons while monitoring margin trajectories.

Image Referance: https://www.manilatimes.net/2026/01/15/tmt-newswire/globenewswire/richemont-maintained-strong-momentum-with-sales-up-11-at-constant-rates-for-its-third-quarter-ended-31-december-2025/2259357