⏱ 2 min read
Background
Richemont, a Geneva-based luxury group, owns Cartier, Van Cleef & Arpels, Vacheron Constantin and Jaeger-LeCoultre, among others. Its financial year runs from April to March. For over a year, its watchmakers have been growing again after a difficult period for the industry. Jewellery remains its main engine.
The key points
On Friday 13 November 2026, Richemont published its results for the first half, ended 30 September 2026. Sales reached 12.3 billion euros, up 16% year on year. Net profit rose by 39% to 2.5 billion euros.
The jewellery Maisons (Buccellati, Cartier, Van Cleef & Arpels, Vhernier) increased sales by 19% at constant exchange rates. The Specialist Watchmakers grew by 10%, led by Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne. Demand remains weak in China. The group gives no figures-based outlook for the second half.
Key figures
- 12.3 billion euros : half-year sales, +16% (+17% at constant rates)
- 3.1 billion euros : operating profit, +33%, including 229 million in one-time tariff-related items
- 25,5 % : operating margin, compared with 22.2% a year earlier
- 1.7 billion euros : Specialist Watchmakers' sales, +9%
- 7.7 billion euros : net cash position at 30 September 2026
What it means for businesses
- Geneva watchmaking : the group's manufactures, including Vacheron Constantin, are back to double-digit growth outside Asia Pacific
- Luxury suppliers : Richemont announces investment in its network and manufacturing capabilities
Who says what
- Swiss stock exchange : Richemont shares closed the 13 November session down 3.8% at 169.45 francs, according to Zonebourse
- AWP consensus : analysts expected sales of 12.26 billion euros, according to Keystone-ATS
Analysis
- According to Jean-Philippe Bertschy (Vontobel): jewellery, its own boutique network and rigorous management underpin the group's resilience
- According to Zurich Cantonal Bank : jewellery growth should remain solid, driven by the strength of the brands
Further reading
Sources
- Richemont – Richemont posts strong results for the six-month period ended 30 September 2026 (official source)
- Swissinfo – Half-year sales and profit up for Richemont
- Zonebourse – Richemont shares shunned on the Swiss stock exchange
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