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Cartier, Van Cleef & Arpels, and retail expansion supported growth across all regions and distribution channels.
Financials
21 May, 2026
Table of contents
Richemont announced its Q3 FY26 sales results on 15 January 2026. It leveraged its position as one of the strongest-performing global luxury groups in an increasingly polarised market ecosystem. While several fashion-led luxury houses continue to navigate softer financial demand and uneven recovery patterns across Asia, Richemont sustained strong momentum via the continued strength of resilient high-net-worth spending, its Jewellery Maisons, and broad international growth.
For the quarter ended 31 December 2025, Group sales reached €6,4 billion, hiking 11% at constant exchange rates and 4% at actual exchange rates. Jewellery Maisons once again emerged as the primary growth engine of the Group, while Specialist Watchmakers recorded a second consecutive quarter of positive growth.
The quarter showed a structural trend increasingly shaping the global luxury sector: hard luxury categories continue to outperform fashion-driven businesses. Jewellery and fine watchmaking remain more resilient due to lower trend dependency, stronger pricing power, and sustained demand from affluent consumers.
Richemont remains particularly well-positioned within this environment. Cartier and Van Cleef & Arpels benefit from iconic collections, elevated brand desirability and strong festive demand, while the Group’s exposure to high jewellery and fine watchmaking provides greater insulation from the volatility affecting more aspirational luxury spaces.
The Group maintained broad-driven growth across all regions, channels and business areas during the quarter. Retail remained the strongest contributor, while directly operated distribution continued to leverage Richemont’s long-term strategy around pricing control, exclusivity, and clienteling.
| Region | Q3 FY26 (€m) | Q3 FY25 (€m) | YoY Constant FX | YoY Actual FX |
|---|---|---|---|---|
| Asia Pacific | 1.870 | 1.913 | +6% | -2% |
| Americas | 1.740 | 1.647 | +14% | +6% |
| Europe | 1.550 | 1.456 | +8% | +6% |
| Japan | 632 | 592 | +17% | +7% |
| Middle East & Africa | 607 | 542 | +20% | +12% |
Asia Pacific remained Richemont’s largest regional market during Q3 FY26, generating €1,870 billion in revenue despite continued currency pressure. Sales returned to positive growth at constant exchange rates, suggesting gradual stabilisation across Greater China. Richemont noted modest growth across China, Hong Kong and Macau combined, while South Korea and Australia delivered stronger momentum. The quarter also reflected improving demand for jewellery and high-end watchmaking across wealthy Asian consumers during the festive season.
The Americas emerged as Richemont’s strongest large-scale growth region, with revenue rising 14% at constant exchange rates across all business areas and major markets. Strong domestic luxury demand supported Jewellery Maisons and Specialist Watchmakers, bolstering the flexibility of rich US consumers despite broader luxury moderation.
Europe sustained solid momentum even though there were demanding comparatives, assisted by a combination of local spending and international tourism, particularly from North American and Middle Eastern consumers. Italy and the UK were the standout markets during the festive period. They continued spotlighting strength in European luxury shopping destinations.
Japan delivered another strong quarter, with revenue increasing 17% at constant exchange rates. The market benefitted from exceptional local demand along with sustained inbound tourism, particularly from Chinese and Southeast Asian luxury consumers taking advantage of Japan’s favourable currency environment and luxury retail appeal.
The Middle East & Africa regions recorded the highest regional growth rate during the quarter, with revenue increasing 20% at constant exchange rates. The UAE remained the primary growth space with strong local consumption, tourism flows and continued demand across Jewellery Maisons, Specialist Watchmakers and Fashion & Accessories.
| Distribution Channel | Q3 FY26 (€m) | Q3 FY25 (€m) | YoY Constant FX | YoY Actual FX |
|---|---|---|---|---|
| Retail | 4.601 | 4.382 | +12% | +5% |
| Online Retail | 413 | 419 | +5% | -1% |
| Wholesale & Royalty Income | 1.385 | 1.349 | +9% | +3% |
Retail remained Richemont’s primary sales indicator during Q3 FY26. It has sales rising 12% at constant exchange rates across all business areas and nearly all regions. The channel accounted for 72% of Group revenue during the quarter. This reflects consumers’ constant preference for directly operated luxury environments and elevated in-store experiences. Richemont reported strong retail momentum across Jewellery Maisons with festive demand, iconic collections and high client engagement.
The broader Direct-to-Client strategy of the group remained structurally important, representing 78% of total sales during the quarter. With this emphasis on owned distribution, Richemont maintains client relationships, tighter control over pricing, exclusivity and brand presentation across key luxury markets.
Wholesale and royalty income also showed a solid growth, particularly across Jewellery Maisons and Specialist Watchmakers, with regional momentum led by the Americas and Middle East & Africa. Meanwhile, online retail sales increased 5% at constant exchange rates with growth in Japan, the Americas and the Middle East.
| Business Area | Q3 FY26 (€m) | Q3 FY25 (€m) | YoY Constant FX | YoY Actual FX |
|---|---|---|---|---|
| Jewellery Maisons | 4.785 | 4.501 | +14% | +6% |
| Specialist Watchmakers | 872 | 867 | +7% | +1% |
| Other | 742 | 782 | Stable | -5% |
Jewellery Maisons remained the dominant growth driver of Richemont during Q3 FY26 once again, earning nearly three-quarters of Group revenue and delivering a 14% increase at constant exchange rates. The division got advantage from the strong festive demand across both jewellery and watch categories with the continued strength of iconic collections at Cartier and Van Cleef & Arpels, alongside new product novelties and high-impact seasonal communication. The category outperformed more fashion-driven categories due to stronger pricing power, lower markdown dependency and sustained demand from affluent global consumers.
Specialist Watchmakers recorded a second consecutive quarter of positive growth, with sales increasing 7% at constant exchange rates. Impulse improved across all regions, particularly in the Americas and the Middle East & Africa, signalling early stabilisation in the global luxury watch market following prolonged softness throughout 2024 and early 2025.
Within the Group’s Other division, which includes Fashion & Accessories Maisons such as Azzedine Alaïa, Chloé, Delvaux, Dunhill, and Montblanc, alongside businesses including Watchfinder & Co. and TimeVallée, performance remained stable at constant exchange rates despite negative currency effects at actual rates. Watchfinder & Co. delivered double-digit growth during the quarter, highlighting continued consumer interest in certified pre-owned luxury watches, while Fashion & Accessories Maisons, including Peter Millar and Gianvito Rossi, maintained positive performance.
The Q3 FY26 performance of Richemont showcased the widening divide within the global luxury sector, where jewellery and hard luxury categories continue to outperform more fashion-driven businesses. While several luxury groups remain stuck in the softer aspirational demand and increased promotional activity, Richemont continues to benefit from stronger pricing power, lower markdown dependency and sustained spending from high-net-worth consumers.
The quarter also highlighted the increasing importance of iconic collections, heritage positioning and directly operated retail within modern luxury strategy. Cartier and Van Cleef & Arpels anchored Group performance through timeless jewellery lines and strong festive demand, while Richemont’s broader portfolio, from high watchmaking, fashion accessories to lifestyle brands and certified pre-owned watches, provided additional diversification across price categories and consumer segments.
At the same time, the results demonstrated that geographic diversification remains important for global luxury groups. Strong performance in the Americas, Japan and the Middle East helped counteract the slower recovery patterns across parts of the Asia Pacific, particularly Greater China.
Looking ahead, Richemont appears well-positioned entering FY27, supported by strong brand equity, structurally resilient jewellery demand, and a highly developed directly operated retail network. Jewellery Maisons are expected to remain the primary sales category of the Group, while Specialist Watchmakers continue showing early signs of stabilisation following several softer quarters across the entire watch industry.
Beyond jewellery, Richemont’s portfolio also provides exposure to broader luxury consumption trends through Fashion & Accessories Maisons with growing businesses such as Watchfinder & Co. and TimeVallée. The expansion of the certified pre-owned luxury watch market could become a crucial long-term growth opportunity for the Group.
Despite the macroeconomic uncertainty, currency volatility and rising material costs, Richemont’s balanced geographic exposure, high-net-worth consumer base and concentration in timeless hard luxury categories provide meaningful structural fortitude. As luxury consumers gradually become more focused on craftsmanship, heritage and enduring value over trend-driven consumption, Richemont remains one of the clearest recipients of the sector’s long-term shift toward hard luxury.
Cover Image: ION Orchard.