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Richemont (CFR) investor relations material
Richemont Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 TU earnings summary16 Jul, 2025
Executive summary
Group sales reached €5.4bn in Q1 FY26, up 6% at constant FX and 3% at actual FX, reflecting a solid start in a volatile macroeconomic and geopolitical environment.
Jewellery Maisons led growth with an 11% increase at constant FX, while Specialist Watchmakers declined 7% and Other fell 1%.
Double-digit sales growth in Europe, Americas, and Middle East & Africa; Asia Pacific remained stable, while Japan declined due to a high prior-year base.
All distribution channels grew 6% at constant rates, with direct-to-client sales accounting for 75% of total sales and retail for 69%.
Net cash position stood at €7.4bn at quarter-end, slightly higher than €7.3bn at end June 2024 and after the YNAP sale.
Financial highlights
Europe sales rose 11% to €1,295m, Americas up 17% to €1,335m, Middle East & Africa up 17% to €524m, while Japan fell 15% to €527m.
Asia Pacific sales were stable at €1,731m, with a 7% decline in China, Hong Kong, and Macau offset by growth in other Asian markets.
Jewellery Maisons contributed €3.9bn (+11% at constant FX), Specialist Watchmakers €0.8bn (-7%), and Other €0.7bn (-1%).
Retail sales reached €3,734m (+6%), online retail €323m (+6%), and wholesale/royalty income €1,355m (+6%) at constant rates.
Direct-to-client sales accounted for 75% of total sales, with over 80% at Jewellery Maisons.
Outlook and guidance
Management highlights a volatile macroeconomic and geopolitical context, with ongoing risks from consumer trends, travel, and global events.
Forward-looking statements are subject to significant uncertainties, including currency fluctuations, geopolitical instability, and changing consumer demand.
Why were Asia Pacific sales stable?
Explain Jewellery Maisons' growth.
Assess impact of Yen on Japan sales.
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H1 202614 Nov, 2025
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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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