Richemont profit rises 39% as jewellery sales lift Cartier owner's first half

Results beat expectations

Richemont, the Geneva-based owner of Cartier and Van Cleef & Arpels, published its first-half results for the six months to the end of September on Friday, 13 November 2026. Turnover rose 16% at current exchange rates to €12.3 billion, and 17% once currency effects are removed. Operating profit (EBIT) climbed 33% to €3.1 billion, lifting the margin to 25.5%, and that figure included €229 million of positive one-off items linked to US tariffs. Net profit rose 39% to €2.5 billion, compared with €1.81 billion a year earlier and above the €2.26 billion analysts had forecast. Richemont gave no outlook for the rest of the 2026/27 financial year, as is customary for the group.

Jewellery carries the growth

Jewellery remained the engine of the group. Sales in that division rose 18% to €9.1 billion over the half year, with an operating margin of 35.3%. The specialist watchmakers, including Vacheron Constantin and Jaeger-LeCoultre, posted half-year sales of €1.7 billion, up 9%, with a margin of 8.8%. In the second quarter alone, watch sales rose 12% at constant exchange rates, well ahead of the 4% analysts had expected. Johann Rupert, Richemont's chairman, commented on the jewellery result:

“We see an overall very positive trend for jewellery brands”

Jewellery9.1

Watchmaking1.7

Jewellery

9.1 € billion

Watchmaking

1.7 € billion

Data from the article text

Quarter and regional sales

In the three months to the end of September, group sales rose 13% at constant currencies to €5.95 billion, above a consensus of €5.89 billion compiled by Visible Alpha. Jewellery sales grew 14% in that quarter, below the 16% consensus expected by analysts. Over the half year, sales rose 30% in Japan, 23% in the Americas, 16% in Asia Pacific and 13% in Europe. Demand in mainland China remained subdued, while sales in the Middle East and Africa fell 7% in the quarter as the regional conflict weighed on tourist spending. Analysts at Citi described the season as volatile and generally disappointing for luxury, while still calling Richemont one of the undisputed leaders in luxury growth.

Japan30%

Americas23%

Asia Pacific16%

Europe13%

Japan

30 %

Americas

23 %

Asia Pacific

16 %

Europe

13 %

Data from the article text

Shares and delayed release

Richemont announced earlier on Friday that its results release would be delayed after an outage at Microsoft disrupted services to businesses around the world. Despite the earnings beat, the shares fell on the Zurich exchange once the figures were published. Johann Rupert declined to comment on whether Richemont would be involved in managing De Beers. According to reports, the group has considered joining a consortium bidding for the diamond producer, which is being sold by Anglo American.