Swiss luxury group Richemont reported strong jewellery-led growth for the year ended 31 March 2026, with its Jewellery Maisons division remaining the key earnings engine amid a mixed luxury market environment.
The owner of Cartier, Van Cleef & Arpels, Buccellati and Vhernier posted group sales of €22.4 billion for FY26, up 11% at constant exchange rates and 5% at actual rates. Fourth-quarter momentum remained strong, with sales rising 13%.
Richemont’s Jewellery Maisons delivered the standout performance, recording sales growth of 14% at constant exchange rates and 8% at actual rates. The division achieved a robust operating margin of 30.5%, underscoring the resilience of branded high jewellery demand despite currency volatility and elevated raw material costs.
Analysts attributed the group’s stronger relative performance to sustained global appetite for luxury jewellery.
Regional demand trends also favoured jewellery growth. Richemont cited continued double-digit performance in the Americas and strong momentum across most regions and channels during the year. While geopolitical tensions weighed on the Middle East and Africa region, demand from the U.S. and Asia helped offset the weakness.
Group operating profit rose 1% to €4.5 billion despite €164 million in non-recurring costs, foreign exchange pressures and higher raw material prices. Profit for the year climbed 27% to €3.48 billion, aided by the absence of the prior year’s YNAP write-down. Richemont ended FY26 with a net cash position of €8.5 billion.
Johann Rupert, Chairman, Richemont, said the group maintained focus on long-term growth through investments in craftsmanship, heritage preservation, and manufacturing and distribution expansion, while exercising cost discipline in a volatile geopolitical and macroeconomic environment.
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