Richemont FY2026 Results: Cartier and Jewelry Power €22.4B Sales

FY2026 financial performance

Richemont maintained strong top‑line momentum across the year, including continued growth in the final quarter.

• Sales: €22.4 billion, up 11% at constant exchange rates (+5% reported)
• Operating profit: about €4.5 billion, up 1% year over year
• Operating margin: 20.0%, down 90 basis points from 20.9% the prior year

Growth was broad across business areas and regions at constant exchange rates, but the gap between constant‑currency and reported growth illustrates how foreign‑exchange movements reduced reported revenue expansion.

Cartier and the Jewellery Maisons drove the year

Richemont’s Jewellery Maisons—including Cartier, Van Cleef & Arpels, Buccellati, and Vhernier—remained the company’s main growth engine.

These brands delivered sustained double‑digit sales growth during parts of the year and generated strong profitability, helping offset pressures elsewhere in the group.

Their performance also helped maintain high margins: the division produced around €5 billion in operating profit with an operating margin above 30%, far higher than other business segments.

The strength of the jewelry division reflects persistent global demand for high‑end pieces and iconic brands—particularly Cartier and Van Cleef & Arpels—which continue to anchor Richemont’s revenue and profitability.

Strong Americas demand reshaped the market

Regional performance was broadly positive, but the Americas stood out as a key growth driver.

Demand in the United States and wider North American market remained strong throughout the year, supporting double‑digit growth in the region during parts of the fiscal year.

This momentum translated into a notable industry milestone. According to market data cited by Business Insider and National Jeweler, Richemont overtook Walmart to become North America’s second‑largest jewelry and watch retailer by sales.

The company achieved this with a relatively small physical footprint—about $3.62 billion in regional sales generated from roughly 105 boutiques, primarily powered by brands such as Cartier and Van Cleef & Arpels.

Currency movements and rising costs weighed on margins

Despite strong revenue growth, profitability faced several external pressures.

Richemont said weaker trading currencies and higher raw‑material costs reduced margins during the year.

Luxury jewelry production is sensitive to commodity prices—especially gold—so rising input costs can quickly affect gross margins. These pressures, combined with exchange‑rate movements, contributed to the decline in operating margin from 20.9% to 20.0%.

Specialist Watchmakers: modest recovery after a weak period

Richemont’s Specialist Watchmakers division, which includes brands such as A. Lange & Söhne, Jaeger‑LeCoultre, and Vacheron Constantin, delivered weaker results than the jewelry business.

• Sales: €3.1 billion
• Performance: down 4% at actual exchange rates but slightly positive at constant rates
• Operating margin: about 3.4%

The segment showed signs of stabilization later in the year, with improved performance in the second half after a prolonged slowdown in the global watch market.

What the results say about Richemont’s strategy

The FY2026 results highlight Richemont’s growing reliance on jewelry as the cornerstone of its business model. High‑margin brands such as Cartier and Van Cleef & Arpels continue to deliver resilient growth, especially in North America.

At the same time, the year illustrates the challenges facing luxury groups globally: currency volatility, rising commodity costs, and uneven demand across product categories.

Even with those headwinds, Richemont managed to deliver strong revenue growth and maintain a solid profit base—underscoring the enduring appeal of its flagship jewelry maisons and their ability to drive the group’s performance.