Richemont revenues reach €22.4bn on strong jewellery performance

Richemont has reported total group sales of €22.4bn (£19.34bn) for the year ended 31 March 2026, an 11% increase at constant exchange rates. 

The performance was primarily underpinned by the jewellery category, which saw sustained double-digit growth and increased market share across both jewellery and watch segments.

The group’s jewellery arm reported a 30.5% operating margin, delivering €5bn (£4.32bn) in operating profit. 

It implemented measured price increases during the period to mitigate the impact of rising raw material costs, specifically higher gold prices, and unfavourable currency movements.

Direct-to-client sales across the group also rose to 77% of total revenue. This shift was led by the jewellery houses, which prioritised retail expansion and direct engagement over wholesale channels to maintain brand desirability.

The jewellery business area, which includes Buccellati, Cartier, Van Cleef and Arpels, and Vhernier, recorded sales of €16.5bn (£14.25bn). This represents an 8% increase at actual exchange rates and a 14% rise at constant exchange rates.

The category achieved double-digit growth in every quarter of the financial year. The growth was consistent across all regions, with particular strength noted in the Americas and Japan.

Cartier and Van Cleef and Arpels remained the primary drivers of volume, benefiting from high demand for core collections. 

Buccellati continued to expand its international footprint, following a strategy focused on craftsmanship and distinctive heritage since its acquisition.

The newly integrated Vhernier also contributed to the segment’s momentum. While the group faced geopolitical volatility in the Middle East toward the end of the year, the jewellery brands maintained resilience due to a balanced regional footprint and strong local demand in Europe and Asia Pacific.

Chairman Johann Rupert said: “All the group’s Jewellery Maisons, including Buccellati, Cartier, Van Cleef and Arpels and Vhernier, experienced a strong dynamic fuelled by higher demand across all geographies. Led by strong top-line momentum, the Jewellery Maisons were therefore able to grow their operating profit to €5bn (£4.32bn).

“This performance continued to be driven by a clear long-term approach, centred on differentiation, strong brand identity and disciplined pricing. Buccellati’s success since the acquisition illustrates this well, combining a distinctive heritage with creativity and craftsmanship.”