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Swiss luxury group Richemont’s top jewellery brands Cartier and Van Cleef & Arpels increased their sales by more than 10 per cent for the third quarter in a row, as wealthy shoppers maintained their appetite for high-end goods despite geopolitical uncertainty.
The increase in jewellery sales, which account for more than two-thirds of revenues, offset a decline in Richemont’s other divisions.
Excluding exchange-rate fluctuations, sales across the entire group rose 6 per cent in the three months to the end of June compared with the same period in 2024, reaching €5.4bn.
Specialist watchmaker sales fell 7 per cent in the quarter while revenues from its fashion and accessories brands were 1 per cent lower.
Richemont’s top jewellery brands, which also include Buccellati, have proven resilient despite global economic fears triggered by US President Donald Trump’s trade policies, conflicts in Ukraine and the Middle East, and a weak Chinese market. Sales were strong across both jewellery and watch lines at these brands, the company said.
The company’s jewellery houses reported an 11 per cent rise in sales at constant exchange rates in the second quarter, beating consensus analyst estimates compiled by Visible Alpha.
“Richemont has delivered reassuring results, particularly when compared to other luxury players. The company’s dominance and robust growth in the jewellery segment remain impressive,” said Jean-Philippe Bertschy, an analyst at Vontobel.
There were “early signs of stabilisation” in Asia and China owing to the strong exposure to watch sales in the region, he added.
Revenues in the Americas, Europe and the Middle East rose by between 11 per cent and 17 per cent. Sales in the Asia Pacific region, which is dominated by the Chinese market, were flat at constant exchange rates.
Revenues in Japan fell 15 per cent as sales normalised following double-digit growth in the same quarter last year when the weak yen prompted tourists to flock to the country.
