Key facts
- Richemont reported Q1 sales of €6.33 billion, a 20% increase in constant currencies.
- The sales figure exceeded analyst forecasts of €5.90 billion.
- The jewelry division, including Cartier and Van Cleef & Arpels, saw sales rise 11% at constant rates and 7% at actual rates.
- Jewelry sales accounted for over 70% of the company's total Q1 revenue.
- The Americas and Middle East/Africa regions showed 17% sales growth in constant currencies.
Richemont, the Swiss-based luxury goods group behind brands such as Cartier and Van Cleef & Arpels, reported first-quarter sales that surpassed analyst expectations. Sales increased by 20% in constant currencies to €6.33 billion, exceeding the consensus forecast of €5.90 billion. The strong performance was primarily driven by the jewelry division, which saw an 11% rise in sales at constant exchange rates and a 7% increase at actual rates, reaching €3.91 billion. Jewelry now accounts for over 70% of Richemont's total revenue. Geographically, the Americas and the Middle East and Africa regions posted the strongest growth at 17% in constant currencies, followed by Europe with an 11% increase. Richemont's founder and chairman, Johann Rupert, has maintained a disciplined pricing strategy, which analysts believe has contributed to strong client relationships and resilient performance amidst broader luxury market slowdowns. Analysts from Citi, Deutsche Bank, Bernstein, and CFRA Research highlighted Richemont's sales momentum and the standout performance of its jewelry maisons.