Compagnie Financière Richemont said sales for the three months to 30 June 2026 rose to €6.3 billion, up 20% when measured at constant exchange rates and 17% at actual reported rates. Constant exchange rates strip out currency swings to show underlying trading, while actual rates include the impact of a stronger euro. The jewellery maisons — the group’s flagship brands such as Cartier and Van Cleef & Arpels — led the advance with a 24% increase, specialist watchmakers grew 8%, and sales through company-run stores climbed 24%. Richemont ended the quarter with €9.1 billion in net cash, meaning cash and equivalents exceeded debt by that amount.
The broad-based growth across regions suggests resilient demand for top-end jewellery, which tends to be less discount-driven than watches and accessories. The split between direct retail and wholesale matters: stronger sales in owned boutiques can support margins because the company captures the full retail price rather than selling to third-party retailers. For South Africans watching the Johannesburg Stock Exchange listing, the gap between constant and actual growth highlights how currency moves can blur performance when translated into euros; a volatile rand can similarly shade local share price reactions even when underlying trading is firm.
The immediate takeaway is that Richemont’s jewellery engines are pulling ahead while watches recover more slowly, and the balance sheet provides room to invest or weather shocks. Next to watch are trends in mainland China and the United States, the pace of watch demand normalisation, and whether the retail channel continues to outpace wholesale into the crucial northern hemisphere summer and early festive buying period. Currency effects will remain a swing factor for reported growth and for South African investors tracking the share on the Johannesburg bourse.
For more detail, read the full announcement.