Richemont, the Swiss group that owns Cartier and Van Cleef & Arpels, reported a 16% rise in first-half sales and a 39% rise in profit on Friday, 13 November 2026. Its jewellery houses accounted for most of the growth. The shares nevertheless fell on the day, because jewellery sales grew more slowly in the second quarter than analysts had expected.
The key numbers
- €12.28 billion: group sales for the six months to 30 September 2026, up 16% at actual exchange rates and 17% at constant rates.
- €3.13 billion: operating profit, up 33%, a margin of 25.5%.
- €2.53 billion: profit for the period, up 39%.
- €9.15 billion: sales at the four jewellery houses, up 18% at actual rates and 19% at constant rates.
- 14%: jewellery sales growth in the second quarter at constant rates, against 24% in the first quarter.
- €7.7 billion: net cash at the end of September.
What Richemont reported
The figures cover the first half of Richemont’s financial year, which runs from April to March. According to the company’s results announcement, sales reached €12.28 billion, compared with €10.62 billion a year earlier. Growth was 20% at constant exchange rates in the first quarter and 13% in the second.
Operating profit rose 33% to €3.13 billion. That figure includes €229 million of positive one-time items related to tariffs. Excluding them, operating profit was €2.9 billion and the operating margin was 23.6%, which was still higher than a year earlier. Richemont said strong sales offset raw material costs that remained high, mainly because of the price of gold. Chairman Johann Rupert said in the announcement that the results came in “a volatile geopolitical and macroeconomic environment”, and that he expects conditions to stay volatile.
Jewellery
Richemont’s jewellery division is made up of Cartier, Van Cleef & Arpels, Buccellati and Vhernier. Together they produced about three-quarters of group sales. Their operating result rose to €3.2 billion from €2.5 billion, a margin of 35.3%.
Richemont told investors that established lines, including Cartier’s Love, Clash and Panthère and Van Cleef & Arpels’s Alhambra and Perlée, continued to sell well, alongside newer products and high jewellery, according to JCK. Chief executive Nicolas Bos said the growth came from selling more pieces, and not only from higher prices, Reuters reported.
Watches and fashion
The specialist watchmakers, a group that includes Vacheron Constantin, IWC, Jaeger-LeCoultre, Piaget and A. Lange & Söhne, grew sales 10% at constant rates to €1.7 billion. Their operating profit rose to €150 million from €50 million. Rupert cautioned in the announcement that the recovery in watches is unlikely to be smooth.
Richemont’s “Other” division, which is mainly its fashion and accessories houses such as Chloé, Alaïa, Montblanc, dunhill and Peter Millar, grew 9% to €1.43 billion, according to WWD. The division made an operating loss of €12 million. WWD reported that Alaïa and Peter Millar both grew at double-digit rates.
Where the growth came from
At constant exchange rates, first-half sales rose 23% in the Americas, 30% in Japan, 16% in Asia Pacific and 13% in Europe. Sales in the Middle East and Africa fell 2%, which Richemont attributed mainly to the regional conflict reducing tourist spending.
Bos told journalists that mainland China remained soft but stable, and that Hong Kong and Macau had improved, according to Reuters. Rupert said he expects China to recover but could not say when. Read our report on China’s luxury slowdown.
Richemont’s own stores accounted for 72% of sales and grew 19%. Including online, 78% of sales were made directly to customers.
Why the shares fell
Richemont shares fell as much as 9% on Friday and were down 4.7% by mid-morning, Reuters reported. Second-quarter jewellery sales rose 14% to €4.41 billion at constant currencies. Analysts polled by RBC had expected 16%.
The wider results were ahead of forecasts. Second-quarter group sales of €5.95 billion beat a consensus of €5.89 billion, and first-half net profit beat a consensus of €2.26 billion, according to Reuters. WWD reported that RBC Capital Markets analyst Piral Dadhania described jewellery as slightly below expectations but more than offset by watches and the “Other” division. Jefferies analyst James Grzinic said jewellery growth would have been 16% to 17% without the decline in the Middle East and Africa, WWD reported.
Pricing and De Beers
Richemont said higher production costs were largely offset by price increases over the past year and by the mix of products sold. Asked about pricing, Rupert said: “We have pricing strength; we just don’t want to be greedy,” according to Reuters. Read our report on why luxury got so expensive.
Richemont has been reported as a possible participant in a consortium seeking Anglo American’s controlling stake in the diamond miner De Beers. Rupert did not confirm any talks and said the group had not made up its mind about acquisitions, according to Reuters and JCK.
Sources: Richemont results announcement, 13 November 2026; Reuters via CNBC Africa; WWD; JCK; Professional Jeweller.
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