Richemont reported €6.4 billion in third‑quarter sales to 31 December 2025, an 11% rise at constant exchange rates, with its jewellery maisons delivering a 14% uplift — a performance that underlines both commercial resilience and substantial cash strength.
- Sales (Q3): €6.4 billion (to 31 Dec 2025)
- Growth: +11% at constant exchange rates; jewellery maisons +14%
- Nine months: €17.0 billion; Net cash: €7.6 billion
- Regional highlights: Americas +14%, Japan +17%, Middle East & Africa +20%
The context: where Richemont sits in 2025
The Swiss luxury group — owner of Cartier, Van Cleef & Arpels, Buccellati and a roster of watch and fashion maisons — closed the calendar quarter with momentum despite currency headwinds and rising material costs. Jewellery remained the engine: the four jewellery maisons recorded a 14% rise at constant exchange rates, while Specialist Watchmakers grew 7% in the quarter, supported by double‑digit demand in the Americas and Middle East & Africa.
Retail channels retained a tactile primacy: retail sales rose 12% and still account for roughly 72% of group revenue, while wholesale and online channels expanded more modestly. Pre‑owned activity — led by Watchfinder & Co. — delivered double‑digit growth, signalling appetite for pieces with provenance and immediate availability.
Why this matters to 2025 trends
Richemont’s results intersect with three defining industry currents. First, sustainability continues to shape sourcing and storytelling: maisons are leaning into traceable supply chains and recycled metals, which adds a measured premium to finished pieces. Second, the debate over lab‑grown diamonds versus natural stones is recalibrating value perception — Richemont’s jewellery performance suggests buyers still place a premium on natural gem materials and maison craftsmanship, reflected in a vitreous luster and weighty presence that lab product has yet to fully replicate in the high‑end market. Third, sculptural design and collectible aesthetics are driving higher average transaction values, giving finished pieces a substantial heft in both pricing and resale value.
Impact for US retailers and investors
For US retailers, the takeaways are pragmatic. Americas posted a 14% increase — proof that demand in the region supports higher inventory turns for established maisons. Richemont’s €7.6 billion net cash position provides balance‑sheet flexibility: expect continued investment in boutique experiences, certified pre‑owned platforms and selective stock replenishment rather than aggressive markdowning. That cash heft also cushions margin pressure from raw‑material inflation.
For investors, the headline is durability. Jewellery’s outperformance within Richemont signals category‑level pricing power and defensibility versus more cyclical segments. Watch businesses and pre‑owned platforms add optionality, but the core value driver remains the maison cachet and the tactile quality of finished product — the vitreous luster, the calibrated heft on the wrist, the precise setting that underpins resale conviction.
Actionable points: US retailers should prioritise allocation to best‑performing jewellery maisons, deepen certified pre‑owned offers, and monitor raw‑material spreads that could affect margin. Investors should watch margin trends, inventory days and Richemont’s deployment of its cash balance for M&A or brand investment — moves that will define value capture into 2026.
Image Referance: https://www.theindustry.fashion/cartier-owner-richemont-delivers-double-digit-growth-as-jewellery-remains-resilient/