Richemont reported a steady first half for FY26, driven largely by the continued strength of its Jewellery Maisons, which remain the group’s biggest growth engine. For the six months ended 30 September 2025, jewellery sales reached 7.7 billion euros, rising 9% at actual exchange rates. The momentum was even stronger in the second quarter, with a 12% uplift, reflecting broad demand across major markets.
Buccellati, Cartier, Van Cleef & Arpels and Vhernier delivered consistent growth across geographies, supported by enduring demand for their core collections. Iconic lines such as Buccellati’s Opera Tulle and Macri, Cartier’s Clash, Panthère and Santos, and Van Cleef & Arpels’ Alhambra, Flora and Perlée continued to anchor sales. High jewellery also performed well, lifted by successful showcase events in Europe and Asia.
Innovation remained central to the Maisons’ appeal. Van Cleef & Arpels launched its new Flowerlace collection in September, while Cartier unveiled the Love Unlimited line and a refreshed global branding campaign. The Maisons continued to refine their boutique networks with selective openings and renovations in key luxury hubs, including Tokyo, Frankfurt, Zurich, Houston and Dubai.
Despite currency headwinds, higher raw material costs and the early impact of additional US duties, the jewellery division maintained an operating margin of 32.8%, supported by careful price adjustments and disciplined cost control. Operating profit rose 9% to €2.5 billion euros, or 21% at constant rates.
The broader group recorded H1 sales of €10.6 billion, with jewellery contributing 73% of total revenue. Q2 delivered double-digit growth across all regions at constant rates, signalling resilient global demand for high-end jewellery even amid macroeconomic volatility.
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