LUXEMBOURG: Compagnie Financière Richemont SA reported a solid start to its fiscal year, with group sales rising 6% at constant exchange rates to €5.4 billion for the first quarter ended June 30, 2025, despite persistent macroeconomic and geopolitical volatility.
The increase was fueled by sustained growth across key markets and distribution channels, with standout performances from the Group’s Jewellery Maisons — Buccellati, Cartier, Van Cleef & Arpels and Vhernier — which posted an 11% rise in sales.
Regional Dynamics
Sales in Europe advanced 11%, supported by robust local demand, upbeat tourist activity and successful high jewellery events, particularly in Italy and Germany. The Americas and Middle East & Africa each registered double-digit increases of 17%, reflecting broad-based demand across business areas. Asia Pacific sales held steady, while Japan declined 15% due to tough year-over-year comparisons and weakened tourist inflows amid a strong Yen.
Channel and Segment Insights
Growth was consistent across distribution channels, each rising 6%. Retail, which comprised 69% of total sales, saw gains in all regions except Japan. Online retail and wholesale also contributed positively, aided by solid momentum in the Americas and Europe.
Jewellery Maisons continued to be the primary growth engine. Sales at Specialist Watchmakers fell 7% on lower demand in China, Hong Kong and Japan, offset partially by strength in the Americas. The Fashion & Accessories segment declined 1%, despite positive results from Peter Millar, Alaïa and Watchfinder & Co.
Financial Position
Richemont ended the quarter with a net cash position of €7.4 billion, up slightly from €7.3 billion a year earlier, after completing the €426 million sale of YNAP to Mytheresa in April.