Richemont Results: Watchmakers Rise 10% as Group Sales Climb 17%

Richemont results for the six months ended September 30, 2026, released on November 13, show group sales of €12,282 million, up 16% at actual exchange rates and 17% at constant exchange rates. The figure that matters most to watch readers sits inside that total: sales at the Specialist Watchmakers—A. Lange & Söhne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin—were €1,706 million, up 9% at actual rates and 10% at constant rates.

Johann Rupert, Chairman of Compagnie Financière Richemont SA, described a strong half in a volatile geopolitical and macroeconomic climate. After a first quarter in which sales rose 20% at constant rates, the group held onto growth of 13% at constant rates in the second, against a high comparison of 14% a year earlier. Every business area performed strongly. Every region except Middle East & Africa recorded a double-digit rise.

Most Specialist Watchmakers grew in the first half, led by Vacheron Constantin, Jaeger-LeCoultre, and A. Lange & Söhne, against continued soft demand in China. Sales were stable in Asia Pacific and rose at a double-digit pace in every other region, led by the Americas and Japan. Operating profit at the division reached €150 million, up from €50 million a year earlier, for a margin of 8.8%, or 7.7% excluding positive tariff-related one-time items. Second-quarter sales accelerated to 12% at constant rates.

“Although recovery is unlikely to be linear in an environment that continues to be challenging for the industry, I am pleased to see our Specialist Watchmakers delivering growth for over a year now,” Rupert said. The official release pointed to heritage-inspired novelties including Vacheron Constantin’s Overseas Dual Time Cardinal Points, IWC’s Big Pilot Ceralume, and Piaget’s Polo Signature. Richemont’s results presentation also highlighted Vacheron’s Overseas Self-winding Ultra-Thin, Jaeger-LeCoultre’s Master Control Chronomètre, and A. Lange & Söhne’s Saxonia Annual Calendar.

The Americas were the group’s largest source of additional sales, contributing €606 million of the €1.7 billion increase and finishing the half at €3,206 million, up 23% at both actual and constant exchange rates. Richemont said the rise was fuelled by strong local demand across all business areas, markets, and distribution channels, a regional strength also visible in the U.S. market discussion at the FHH Watch Summit in New York. Japan was the fastest-growing region at constant rates, up 30% (18% at actual rates) to €1,216 million, helped by both local demand and tourist spend.

Asia Pacific, still the largest region at €4,014 million, rose 17% at actual rates and 16% at constant rates. Specialist Watchmakers sales there were broadly stable, as soft demand in China was offset by growth elsewhere in the region. Europe rose 12% at actual rates and 13% at constant rates, to €2,901 million. Middle East & Africa, affected by the conflict in the region since March, declined 2% at both rates, to €945 million, with tourist spend particularly weaker in the United Arab Emirates.

The Jewellery Maisons—Buccellati, Cartier, Van Cleef & Arpels, and Vhernier—remain the group’s main engine, with sales of €9,146 million, up 18% at actual rates and 19% at constant rates. Operating result was €3,229 million, for a margin of 35.3%, or 33.4% excluding positive one-time items. The official release credited strong demand for iconic jewelry and watch collections, including Cartier’s Love, Clash, Panthère, and Santos lines, and a new Roadster edition in watches.

Those Cartier watches sit in the Jewellery Maisons, not among the Specialist Watchmakers. Across all maisons, watch sales as a product line reached €3,976 million, up 15% at actual rates and 16% at constant rates. Direct-to-client sales at the Specialist Watchmakers held at 59% of the business area, with retail the strongest channel.

Group operating profit was €3,129 million, up 33% at actual rates and 38% at constant rates, for a margin of 25.5%. That figure includes €229 million of positive tariff-related one-time items; excluding them, operating profit was €2.9 billion and the margin was 23.6%, up 140 basis points. Profit for the period was €2,528 million, up 39%. Net cash stood at €7,729 million. Direct-to-client sales, retail plus online, accounted for 78% of the group, up 2 percentage points, with retail up 19% at actual rates and 20% at constant rates.

On July 1, 2026, Richemont completed the sale of Baume & Mercier to the Damiani Group, a deal first announced in January. The transaction, the group said, did not have a material effect on the financial statements, and Baume & Mercier is no longer listed among the Specialist Watchmakers. Rupert closed on the same caution he opened with. “Whilst we cannot predict what lies ahead, we expect the macroeconomic and geopolitical environment to remain volatile for the foreseeable future.” Those conditions, he wrote, make operational discipline, and continued investment in the people, creativity, and craftsmanship the maisons depend on, more important, not less.

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Adrienne Faurote

Editor in Chief · Haute Time

As a former New Yorker, now a “Miamian,” Adrienne Faurote joined Haute Living in August of 2021. She currently serves as the Haute Media Group Editor-in-Chief, overseeing all editorial platforms within the Haute Media Group while also maintaining her role as Fashion, Jewelry & Watch Director. Prior to her position at Haute Living, Faurote was the Market Editor at Marie Claire Magazine US, amassing over ten years in the industry, becoming an authoritative voice in all things fashion, jewelry, and watches.