Richemont UK FY sales rise 5% to record £277m

Richemont has revealed that its UK sales rose 5.3% to a record £277m for the year ended 1 March 2025.

Furthermore, the company’s gross profit rose from £113.6m to just under £124m with operating profit almost tripling from £12.5m to £32m. Meanwhile, its net profit for the year jumped from £8.7m to £21.67m.

The results cover retail and wholesale for jewellery and watchmakers, but do not include Cartier or Watchfinder and Co., which report separately.

The increase comes after some reorganisation in the business which included rolling Montblanc, which generated UK sales of £26m in 2017, into its wider group results.

Richemont has managed to outperform its competitors with rival luxury groups LVMH Jewellery and Watches UK and Swatch Group UK, both seeing their sales fall in 2024.

Away from this, its parent group saw group sales for the half year rise 10% to €10.6bn (£9.32bn) at constant exchange rates in results filed last month. In Q2 sales saw a 14% CER. Operating profit rose to €2.35bn (£2.07bn), up 7% actual, or 24% CER.

The retailer saw continued strength in its maisons like Cartier and Van Cleef and Arpels, yet Specialist Watchmakers declined again. As for its fashion and accessories brands, they were “broadly stable” for half but rose more strongly in Q2.