Richemont Looks to the Future After Posting Double-Digit Growth in First-Half Sales, Profits Samantha Conti Fri, November 13, 2026 at 1:30 PM EST 9 min read GC=F -0.01% LONDON — With sales and profits growing in the double digits, driven by strong jewelry revenues and a rebound in watches, Richemont is not only defying the luxury slump, it's planning for better days ahead.
Founder and chairman Johann Rupert was in a buoyant mood on Friday following the reveal of Richemont's first-half numbers, which included a 16 percent rise in sales to 12.3 billion euros, and a 33 percent uptick in operating profit to 3.1 billion euros.
Van Cleef & Arpels Brings Its Perlée Universe to Las Vegas With First Americas Pop-up
How Shape and Staying Power Propel Cartier's Watchmaking
Gemma Chan is Silhouetted in Ferragamo from Head to Heel at a Special Screening of 'Josephine' in Hollywood
In the six months to Sept. 30, after-tax profit was up 39 percent to 2.5 billion euros despite the challenging macroeconomic backdrop and gold prices that were 40 percent higher than the corresponding period last year.
But it wasn't just the numbers and the strong sales trends that boosted Rupert's mood. The succession plan he began putting in place a few years ago is working, and his son Anton Rupert has just been confirmed as non-executive, co-deputy chairman, overseeing the maison's strategic product and communications affairs.
Still, with everything in place, Rupert has no plans to retire. "We're having fun," he said. "The transition has already taken place and the company is now being run by different people. And maybe we're doing better today because we have a better system, a better culture, a culture of collegiality," Rupert said.
"We have very good management, excellent products and an idea of what we're going to sell — and where we're going to be — in three to five years' time. That gives all of our colleagues a sense of purpose," he added.
Asked during the post-results call where he sees himself in three to five years, the 76-year-old Rupert quipped: "Hopefully, above the ground."
Sales at Richemont's four jewelry maisons rose 18 percent at reported exchange rates, and 19 percent at constant ones to 9.15 billion euros. In the second quarter, sales were up 14 percent at constant rates, with growth across all regions with the exception of the Middle East and Africa.
Richemont said the classics, such as Cartier Clash, Love and Panthère, are proving just as popular as new creations, which include pink enamel designs from Van Cleef & Arpels' Alhambra collection and Buccellati's latest high jewelry outing, Serenissima, an homage to Venice.
Richemont chief executive officer Nicolas Bos said jewelry sales were strong "across the board, with good momentum on the very high end, and also very good traction for the less expensive, more attainable lines."
Despite the high price of gold, Richemont said it's tried to keep a lid on costs and on prices.
Rupert said Richemont uses as many tools as it can to ensure that pricing is universal, and fair.
"Our Chinese clients have got apps that, if they walk into a shop, will automatically tell them the currency and the prices in other stores. Our clients are not fools. They're very, very, very clever, and we just want to be fair with them across the board," said Rupert, adding he wants to offer value for money and ensure that Richemont's jewelry retains its value.
The specialist watch division grew 9 percent at reported rates, and 10 percent at constant ones to 1.71 billion euros. In the second quarter, sales rose by 12 percent.
Rupert said recovery in the division is "unlikely to be linear in an environment that continues to be challenging for the industry," but added that he was pleased to see growth over the past year.
Standout brands in the half included Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne. Specialist watch sales in all regions, except Asia-Pacific, were up in the double digits.
Bernstein's Luca Solca said the watch growth came as a positive surprise, outstripping consensus, while the jewelry maisons missed consensus projections by 2 percent. "Still, it was an excellent performance relative to [Richemont's] soft luxury peers," he wrote.
RBC Capital Markets' Piral Dadhania also noted that while jewelry was "slightly below expectations," in the half, it was more than offset by strong revenue beats at the specialist watchmakers and Richemont's "other" division, which includes fashion and accessories.
James Grzinic of Jefferies argued that without the 2 percent decline in the Middle East and Africa region in the half, Richemont's jewelry maisons would have posted growth of 16 to 17 percent.
"In addition, feedback from channel checks in Asia remains upbeat and signals from the U.S. are also constructive. In other words, overall demand for hard luxury [continues to] amply outstrip a more labored soft luxury world," Grzinic wrote.
All regions grew in the double-digits with the exception of the Middle East and Africa, which was down 2 percent. At reported exchange, the Americas led the way with sales up 23 percent, followed by Japan at 18 percent, Asia-Pacific at 17 percent and Europe at 12 percent.
Bos said it's local clients who are driving demand, with 15 percent of sales coming from tourists. "It's very much a domestic-driven business these days, which we feel is actually much more solid and healthy in the long term," he said.
He added that while demand in China continues to be soft, sales in Hong Kong and Macao were "extremely positive," in the first half, while South Korea and Taiwan also performed strongly.
While China may be challenging now, Rupert said he's expecting a rebound.
"China will come back. We don't know when, but it will come back. The Chinese are too smart, they work too hard. Next year, in Hong Kong, for instance, a lot of very successful IT companies are going to go public. So, we're talking about real numbers of people who are going to unlock wealth over a period of time. I'm ultimately bullish on the Chinese. They are shopping in Macao and Hong Kong," he said.
Richemont's "other" division, which includes the fashion and accessories maisons, rose 9 percent to 1.43 billion euros in the first half, with Alaïa and Peter Millar continuing to deliver double-digit growth. Richemont said Alaia was able to maintain "brand heat and cultural relevance" following the departure of its creative director Pieter Mulier earlier this year.
Bos said the house was in a "transition period" following Mulier's departure, but declined to give any updates about his potential successor.
"The maison is doing very well. We've had very good momentum and dynamics following a beautiful presentation this September that was completely driven by the team in the studio. It was highly appreciated and successful. So, we're taking our time. Alaïa is very much a maison that's built on the long term, and we believe it has a timeless style. Of course, the designer is important, but the maison and the long-term view prevail," he said.
The "other" division, which also includes the Watchfinder secondhand platform; component manufacturing, and real estate activities, was the only one to post an operating loss. Losses fell to 12 million euros from 42 million euros in the six months.
Richemont said there was a "modest improvement" in the operating profit at the fashion and accessories maisons, "underpinned by solid sales growth and cost discipline."
Bos also declined to comment on widespread reports that Chloé's creative director Chemena Kamali is set to leave and take up the top job at Saint Laurent, succeeding Anthony Vaccarello. Kamali has been with Chloé since 2023, and followed Gabriela Hearst in the role.
By contrast, Bos did open up about the new CEO at Delvaux, Cartier veteran Yanina Novitskaya.
He said choosing someone with a "long and successful experience and expertise in high jewelry is an asset, especially for international sales. Sometimes I look at Delvaux as more of a high jewelry brand than a fashion one. We are quite confident that it's going to be a matter of continuity under new management after a very good transition period."
Next month she will succeed Jean-Marc Loubier, the executive who masterminded the rejuvenation and global expansion of the brand in the 2010s.
Rupert also addressed questions about whether Richemont would join the consortium that's looking to take a majority stake in De Beers, which was put up for sale by Anglo American in 2024 as part of a portfolio clear-out.
As reported, Richemont and U.S. jeweler Signet are both said to be joining former De Beers Group CEO Gareth Penny's Global Diamond Consortium to acquire Anglo American's 85 percent holding in the miner and jeweler.
Although Rupert did not mention De Beers by name, he said, "In terms of possible acquisitions, we haven't made our mind up about anything. And any investment we may make in diamonds will not make any meaningful difference to our balance sheet for profit and loss."
Signet has also declined to comment on any potential De Beers deal.
Rupert is sure about one thing, and that's Richemont's future. He's proud his son Anton is on board and that the Richemont culture is thriving.
"I persuaded Anton to join, [and I see him as] our chief future officer because the future will be determined by how well our product committee works. Can we keep that ambience, that nice feeling I have when I meet with Cartier, Van Cleef and all the watch brands? They're all friends, and all under the guidance of Nicolas," said Rupert, adding that he and his team are committed to working closely on the long-term vision for Richemont.
"We're not chasing our tail for next year's numbers. We have freedom and time. Time to plan and to sit with colleagues. I don't really see a need for a change in how we run this company," he said.
What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make
The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now
Confidence Holds Up, But How Much Can Consumers Take?
