Compagnie Financière Richemont, the Swiss luxury conglomerate that owns Cartier, Van Cleef & Arpels, and Vacheron Constantin, closed its 2025-26 fiscal year with double-digit sales growth across all categories and regions, reporting revenues of €22.4 billion — an 11 percent increase at constant exchange rates. The results underscore the resilience of the high-end jewelry and watch segment even as broader luxury demand has shown signs of moderation.
The performance was driven by the jewelry houses, which together account for the majority of Richemont’s revenue and profit. Cartier and Van Cleef & Arpels continued their trajectory of outperforming the wider luxury market, benefiting from what analysts describe as a flight to hard luxury — tangible assets in the form of precious metals and gemstones — that has characterized consumer behavior in an environment of economic uncertainty. The jewelry category, long considered the most stable segment of luxury, has proven resistant to the slowdown that has affected leather goods and apparel at other conglomerates.
Geographically, Richemont reported strength across all regions, with the Americas and Europe showing particular momentum. The Chinese market, which had been a source of concern for luxury groups throughout 2024 and 2025, stabilized during the year, with Richemont reporting gradual improvement in mainland China and strong performance in Japan, where inbound tourism and favorable currency dynamics supported demand.
