Richemont reports solid financials but watch division dips

Richemont has published its financial results for FY26, delivering record turnover for the year ending 31 March 2026.

Turnover for the group — which includes its watch brands, its jewellery brands, and its retail brands — was €22.4 billion, an increase of 11% on the previous year at constant exchange rates (5% at actual exchange rates).

The watch division (which doesn’t include Cartier) saw sales dip by 4% to €3.1 billion at actual exchange rates.

The operating profit within the watch division dipped by more, down almost 40% from €175 million to €105 million, and down 86% from its FY23 peak of €738 million.

Its jewellery division, which is the group’s driving locomotive, posted record sales of  €16.5 billion.

“In a persistently volatile geopolitical environment, the Group delivered strong growth and solid results, reflecting the resilience of its business model, the strength of its Maisons, the enduring agility and creativity of its teams, and the benefits of its balanced regional footprint,” said the company’s chairman, Johann Rupert.

Richemont will be keen to get back to growth with its watch division, which peaked at €3.9 billion in FY23. 

The above figures won’t have been affected by the company’s decision to sell the Baume & Mercier brand to Damiani Group, which it announced at the start of the year.