Richemont reports higher sales and profit on jewellery demand

Richemont lifted sales to €12.3 billion in the six months to September, as demand for jewellery helped the Geneva-based luxury group deliver higher profit. The company reported the results on Friday, November 13, 2026, covering the first half of its 2026/27 financial year. Sales rose 16% from the same period a year earlier, or 17% when adjusted for currency effects. Net profit advanced 39% to €2.5 billion.

The figures show growth across the group’s main luxury businesses. Jewellery sales increased more sharply, according to Richemont, while the watch division also continued to expand. The group’s portfolio includes jewellery houses Cartier and Van Cleef & Arpels, alongside watch brands Piaget and IWC. Operating profit climbed by a third, a faster pace than sales, and the operating margin widened. For a company headquartered in Geneva, the results put jewellery demand at the centre of a strong half-year performance, while also showing that its watch business contributed to growth.

Jewellery demand provided the strongest lift, with sales in the division rising more sharply than those in watches. Richemont said the watch division also continued to grow during the first half. The group brings the two businesses together under one corporate roof, with jewellery makers Cartier and Van Cleef & Arpels and watch brands including Piaget and IWC.

That mix matters to the reported result: Richemont’s growth was not confined to one category. Jewellery led the expansion, while watches added further growth. The company did not publish a division-by-division sales breakdown in the figures reported by Keystone-SDA, so the scale of each contribution cannot be compared here. The headline performance nonetheless reflects demand across both sides of the portfolio, with jewellery doing more of the lifting. The Geneva group’s brands span distinct luxury products, but the first-half update puts jewellery clearly in front as the driver identified by Richemont.

Operating profit rose 33% to €3.1 billion, outpacing the increase in sales. Richemont’s operating margin reached 25.5%, an improvement of 3.3 percentage points on the year-earlier period. Net profit grew faster still, rising 39% to €2.5 billion.

Together, the figures show that profit increased more quickly than revenue during the half-year. Sales totalled €12.3 billion, equal to CHF 11.3 billion at the conversion cited in the results. On a currency-adjusted basis, group sales growth was 17%, one percentage point above the reported increase. The margin figure measures operating profit against sales, and its rise reflects the improvement Richemont reported over the first half. The three growth rates underline the pace of the results: revenue advanced, operating profit grew more rapidly, and net profit recorded the largest increase. Richemont said the period ended in September.

Richemont broadly matched analysts’ expectations for sales, while operating profit came in significantly above consensus. The comparison gives the half-year figures a clear market context: revenue tracked expectations, and the operating result was stronger than analysts had anticipated.

The company’s Geneva base and its Swiss-franc equivalent for sales place the results in a distinctly Swiss corporate frame, even though Richemont reports its figures in euros. The group’s reported turnover of €12.3 billion translates to CHF 11.3 billion. Currency-adjusted sales growth of 17% also shows how the group’s reported expansion compares after foreign-exchange effects are taken into account. Richemont’s half-year performance combined stronger jewellery demand, continued growth in watches and faster increases in operating and net profit. The reported results cover the six months ending in September, the first half of the group’s 2026/27 financial year.