Richemont Jewellery Maisons’ Sales Jump 19% in First Half of FY27
Key Facts
Richemont reported first-half FY27 results on November 13 for the period ended September 30, saying sales at its Jewellery Maisons rose 19% at constant exchange rates. Group sales grew 13% in the second quarter, compared with 14% growth in the year-earlier period. The results showed growth across all business areas over the six months, according to the company’s statement. The Jewellery Maisons’ strength came alongside growth in Specialist Watchmakers’ sales. The results do not establish that sales exceeded analysts’ expectations, as that comparison could not be verified.
Sales at the Jewellery Maisons grew 18% at actual exchange rates in the first half, versus 19% excluding the impact of currency movements. Specialist Watchmakers recorded an increase of 10% at constant exchange rates and 9% at actual exchange rates. In the second quarter alone, sales growth at the Jewellery Maisons accelerated to 14% at constant exchange rates, while Specialist Watchmakers’ sales grew 12%. The figures reflect continued expansion in both businesses during the period, with different growth rates on an actual and constant-currency basis. The prior quarterly comparison was high, with group sales growth of 14% in the second quarter of the previous financial year.
The company attributed the Jewellery Maisons’ performance to strong demand for iconic jewellery and watch collections across markets, as well as the appeal of new products. First-half growth extended across most regions, with Japan, the Americas and Asia-Pacific posting strong performances, according to the company. By contrast, Richemont said demand in China remained weak in its account of Specialist Watchmakers’ performance. The company did not describe its other segments as weak, reporting growth across all business areas in the first half. This places the jewellery performance in the context of broader expansion across the group, alongside clear differences between markets.
Operating profit rose 33% to 3.129 billion euros in the six months ended September 30, 2026. Richemont said operating profit was 2.9 billion euros after excluding 229 million euros in positive, one-off items related to customs duties. Net profit for the period rose 39% to 2.528 billion euros. Net cash stood at 7.729 billion euros at the end of September. The financial results show profits rising alongside first-half sales growth, with the company noting the impact of customs-related items on reported operating profit.
In the Middle East and Africa, sales fell 2% in the first half, both at actual and constant exchange rates. The company said lower tourist spending weighed on regional sales, particularly in the UAE. It added that sales growth in Saudi Arabia, along with other markets, offset part of the decline. The region’s performance diverged from the double-digit growth recorded in most other regions, led by Japan, the Americas and Asia-Pacific. The results therefore combined broad geographic expansion with a decline in the Middle East and Africa during the period.
On a year-on-year comparison, Japan recorded growth of 36% at constant exchange rates in the first quarter of FY27, following a 15% decline in the year-earlier period. The company attributed that performance at the time to strong domestic demand and tourist spending. The comparison provides context for Japan’s performance among the regions that led first-half sales growth, without changing the period covered by the current results. In sales channels, the share of direct-to-client sales increased to 78% in the first half. The share rose by two percentage points compared with the year-earlier period, according to the company.
Richemont Chairman Johann Rupert said the group could not predict what lay ahead and expected the economic and geopolitical environment to remain volatile for the foreseeable future. The company set January 14, 2027, as the date for announcing third-quarter FY27 sales. The announcement will cover sales for the period ended December 31, 2026. It follows first-half results that showed growth across business areas, with variation between markets and activities. The third-quarter figures will be the next announced milestone on the company’s calendar.