Richemont Reports Fiscal Year Results

Jewellery segment boosts growth as watch division contends with Asia-Pacific slowdown

Richemont, the Swiss luxury goods group, has released its results for the year to 31 March 2025. Group revenue increased by 4 percent to €21 399 million despite challenging economic conditions. Operating profit totalled €3 800 million, a 1 percent decline on the prior year.

Jewellery Division Performance

The jewellery houses—led by Cartier and Van Cleef & Arpels—delivered an 8 percent rise in sales (on both actual and constant-currency bases), generating €15 328 million. This growth underpinned overall group resilience and reflected continued demand for high-end jewellery.

Watch Division Trends

Richemont’s watchmaking maisons recorded a 13 percent decline in revenues, down to €3 283 million. The principal headwind was a 27 percent fall in sales across Greater China, Hong Kong and Macau. These markets had previously accounted for approximately half of the group’s watch revenues.

Regional Sales Breakdown

Outside the Asia-Pacific slump, several regions posted gains. Japan sales rose by 30 percent, North America by 15 percent and Europe by 11 percent. The Middle East and Africa together contributed a 14 percent increase. All regional figures are stated at constant exchange rates.

Distribution Channels

Richemont’s directly operated boutiques achieved a 6 percent sales increase. Online revenues grew by 11 percent, reflecting the expanding role of digital retail. Wholesale shipments and royalty income collectively declined by 3 percent, consistent with the group’s continued shift towards owned retail and e-commerce.

Outlook

The latest results underscore the strength of Richemont’s fine jewellery houses even as the watch division navigates a difficult Asia-Pacific environment. The group’s focus on selective retail expansion, digital engagement and diversification across markets is expected to support future growth.