Cartier owner Richemont reports ‘stratospheric’ sales growth as jewellery demand surges

Cartier owner Richemont reports ‘stratospheric’ sales growth as jewellery demand surges The Swiss luxury group’s quarterly sales rose 20 per cent, driven by strong jewellery demand and spending in Japan and the Americas. Booming jewellery demand and free-spending shoppers in Japan and the Americas have fuelled “stratospheric” sales growth at Swiss luxury group Richemont. The owner of jewellers Cartier and Van Cleef & Arpels reported sales of €6.3 billion (US$7.21 billion; S$9.3 billion) for the three months to the end of June, representing organic growth of 20 per cent. The rapid growth, which beat analyst expectations for an 11 per cent increase, starts the corporate reporting season on a strong note for the luxury sector and will fuel investor optimism that demand for high-end goods is strengthening after a two-year slowdown. Richemont has been outperforming its peers, fuelled by seven consecutive quarters of double-digit growth at its jewellery businesses, including Cartier and Van Cleef & Arpels. Shoppers have continued to spend even as demand for the handbags, shoes and fashions that drive peers such as LVMH and Kering have been more subdued. The Geneva-headquartered group also shrugged off the effects of the war in the Middle East, which hit the industry earlier this year, reporting 3 per cent sales growth in the region in the three months to the end of June. Richemont shares rose 6 per cent in early trading on Wednesday (Jul 15). LVMH, Kering and Hermes all rose more than 2 per cent. Richemont is “in a league of its own”, wrote analysts at Vontobel. “Stratospheric sales growth is powered by retail strength and years of consistent execution and capital discipline . . . amid a challenging macro backdrop and relative to peers expected to post weaker results.” All regions except the Middle East reported sales growth of more than 10 per cent, led by Japan — which grew 36 per cent year on year — and the Americas, where sales increased 27 per cent. While jewellery was the biggest engine of growth, up 24 per cent organically in the quarter, sales at Richemont’s watch division rose 8 per cent. The division that houses fashion brands Chloe and Alaia increased sales by 9 per cent on a like-for-like basis. Citigroup analysts estimated that sales in Mainland China fell by a low single-digit percentage, while in Greater China — which includes Hong Kong and Macau — they were up by double digits. The Middle East showed gradual improvements through the quarter, Citi added. By Adrienne Klasa © 2026 The Financial Times. This article originally appeared in The Financial Times.