Richemont (Cartier, VCA) shows growth in results in Q3 2025-2026

Richemont signs another quarter of solid growth, always carried by the jewelry and a clear awakening of thewatchmakingThe group continues its growth in a turbulent new luxury market, unlike LVMH or Kering in the midst of the Chinese storm. 

In the third quarter of the previous fiscal year (ending December 31, 2024), Richemont had already achieved a record level of quarterly sales of €6.2 billion, up 10% at constant exchange rates and as reported. This year, these results are even higher with 6.4 billion euros for the year 2025 ; the comparison shows that the group manages to slightly accelerate its organic growth (11% at constant exchange rates in Q3 2025-2026, compared to 10% at constant exchange rates in Q3 2024-2025), despite a more demanding environment. 

Richemont Jewelry: +14%, profitability and sustainability

The Jewellery Houses (Buccellati, Cartier, Van Cleef & Arpels and Vhernier account for more than 70% of the group's sales. Last year, they generated €4.5 billion in sales in Q3 2024-2025, up 14% at constant exchange rates and as reported. One year later, they reach 4.8 billion euros, representing a 14% increase at constant exchange rates and 6% in published data, always on a double-digit comparison basis. Growth is widely distributed, with double-digit progress in all regions and across all channels, driven by the success of jewelry lines enriched with new products and supported by powerful communication. 

Local and tourist demand remains solid, particularly in Italy and the UK for Europe, with an acceleration in the Americas and a modest recovery in China, Hong Kong and Macau combined.

Over nine months, sales of Jewellery Houses Sales increased by 14% at constant exchange rates, confirming a sustainable growth trajectory after an 8% increase in the first nine months of the previous fiscal year. This ability to deliver double-digit growth on a very strong foundation, combined with a highly direct-to-customer model (approximately 85% of sales are direct to the customer for the Jewellery Maisons), strengthens the appeal of the jewelry. branded Cartier (estimated at 65% of the segment) and Van Cleef & Arpels as long-term assets. For an investor in 2026, this makes a strong case for the iconic pieces and high jewelry collections of these houses, which benefit from continued marketing support and robust global demand.

Richemont Horlogerie: +7%, a controlled revival

The Specialist Watchmakers (A. Lange & Söhne, Baume & Mercier, IWC, Jaeger-LeCoultre, Panerai, PiagetRoger Dubuis and Vacheron Constantin, which experienced an 8% decline at constant exchange rates in Q3 2024-2025 with €0.9 billion in sales, returned to growth in Q3 2025-2026, at 0.9 billion euros also, but up 7% at constant exchange rates and 1% in published data. 

This recovery, moving from -8% to +7%, The market is marked by a second consecutive quarter of growth, following a difficult first half (-8% over six months in 2025). This growth is driven by expansion across all regions, with double-digit increases in the United States, Japan, the Middle East, and Africa – offsetting a still fragile Asia-Pacific region due to rising gold prices and US tariffs – which nevertheless returns to positive territory. Direct-to-consumer sales remain around 60% for Specialist Watchmakers, which, combined with the growth of their own boutiques and control over distribution, creates a favorable margin for growth in the medium term. 

By 2026, high-end watches from the most prestigious brands (such as A. Lange & Söhne, Vacheron Constantin or certain lines of Jaeger-LeCoultre And IWC) thus appear as natural candidates for patient investment, based on the progressive normalization of demand and the relative scarcity of the parts.

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