Richemont posts 20% sales growth as jewellery maisons drive first quarter

Richemont reported first quarter sales of €6.3 billion, up 20% in reported terms and 17% at constant currencies, according to CPP-Luxury. The Swiss group, home to Cartier, Van Cleef & Arpels and a stable of specialist watchmakers, closed the period with a strong net cash position, underlining the financial discipline that has become a hallmark of its recent reporting.

The result stands out against a luxury sector that has spent much of the past two years grappling with uneven demand in China and cautious spending among aspirational buyers. Richemont's jewellery maisons have proved the most durable part of the group's portfolio, benefiting from high price points, strong brand equity and a customer base less exposed to the entry-level slowdown that has hit other houses. Watches, by contrast, have faced a longer road back given excess inventory built up during the pandemic boom.

The figures will be read closely across the sector as an early signal for how the current luxury cycle is developing. Richemont's performance suggests that hard luxury, and jewellery in particular, remains the most resilient category, while soft luxury and fashion continue to face a tougher reset. What to watch is whether rivals with heavier fashion and leather goods exposure can point to a similar rebound when they report, and whether Richemont's cash strength translates into further acquisitions or brand investment.

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