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Richemont (CFR) investor relations material
Richemont Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 sales reached €6.4bn, up 11% at constant FX and 4% at actual FX, with robust growth across all regions and business segments.
Jewellery Maisons led performance with a 14% sales increase, while Specialist Watchmakers rose 7% and Fashion & Accessories Maisons grew 3%.
All regions delivered growth at constant rates, with double-digit increases in the Americas, Japan, and Middle East & Africa.
Retail channel led growth, representing 72% of total sales and rising 12% at constant rates.
Net cash position stood at €7.6bn at the end of December 2025, slightly down from €7.9bn the previous year.
Financial highlights
Nine-month sales totaled €17.0bn, up 10% at constant rates and 5% at actual rates year-over-year.
Q3 regional sales growth at constant rates: Americas +14%, Japan +17%, Middle East & Africa +20%, Europe +8%, Asia Pacific +6%.
Q3 by channel: Retail +12%, Wholesale +9%, Online retail +5% at constant rates.
Q3 by business area: Jewellery Maisons +14%, Specialist Watchmakers +7%, Other stable at €0.7bn.
9-month sales for Jewellery Maisons up 14%, Specialist Watchmakers and Other both up 1%.
Outlook and guidance
Management highlights continued strong momentum and broad-based growth, but cautions that forward-looking statements are subject to risks including macroeconomic, geopolitical, and consumer trends.
Continued investment in Maisons to support growth amid a complex macroeconomic environment with rising material costs and weaker trading currencies impacting margins.
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Frequently asked questions
Swiss Luxury Group
Richemont, officially known as Compagnie Financière Richemont SA, is a Swiss company with global operations. It primarily focuses on the luxury goods sector, with a product range that includes high-end jewelry, watches, and writing instruments. The company owns and operates several luxury manufacturers and fashion houses, each with a distinct identity. It is headquartered in Bellevue, Switzerland, and its shares are listed on the SIX and the JSE.
From Tobacco to Luxury
Johann Rupert, a South African businessman, founded Richemont in 1988 as a spin-off of the international assets of Rembrandt Group Limited. Rembrandt Group was established by his father and had initially been focused on tobacco. The story of Richemont’s foundation and how the modern form of the company came to be is incredibly interesting, and a full rundown can be found here.
From the start, Richemont focused on luxury goods, especially in the jewelry, watches, and leather goods sectors. In the following years, Richemont embarked on a series of acquisitions to expand its portfolio and firmly establish itself in the luxury industry.
The Luxury Strategy
The conglomerate's strategy hinges on the autonomy of its brands, enabling them to maintain their individuality and unique craftsmanship while benefiting from Richemont's resources, expertise, and global distribution network. This balance is a deliberate strategy, aimed at preserving the brands' heritage and exclusivity while fostering innovation and operational efficiency. This strategy is similar to one employed by other companies in the industry, with LVMH and Kering being notable examples.
Notable Brands
Some of the more well-known brands under the company’s ownership are as follows:
Cartier: This is perhaps the most recognizable brand that Richemont owns, and Cartier has been making jewelry since the mid-1800s.
Vacheron Constantin: Often counted as one of the absolute best in ultra-luxury watches, Vacheron Constantin is among the most well-respected watchmakers in the world.
Montblanc: Primarily a manufacturer of pens and watches. The brand's writing instruments are regarded as some of the best in the world, but the company also produces various leather goods.
This list merely scratches the surface, and other notable brands include Chloé, Panerai, Dunhill, Peter Millar, A Langhe & Söhne, and Delvaux.
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