Richemont shares jump as sales momentum accelerates in Q2
By Benjamin Chiou
Date: Friday 14 Nov 2025
(Sharecast News) - Richemont's share price surged in Zurich on Friday after the luxury conglomerate posted a double-digit underlying increase in sales in the first half, with growth accelerating in the quarter as jewellery demand picked up.
The company, officially known as Compagnie Financiere Richemont, which owns brands such as Cartier, Dunhill, Chloé and Net-a-Porter, reported group sales of €10.62bn for the six months to 30 September, up 5% on a reported basis but 10% higher at constant currency rates.
Constant-currency growth accelerated to 14% in the second quarter alone, with all regions contributing double-digit growth. Notably, the Chinese, Hong Kong and Macau businesses combined returned to growth in the quarter.
Richemont's jewellery houses of Bucecellati, Cartier, Van Cleef & Arpels and Vhernier reported 14% constant-currency growth over the half, with a 17% exit growth rate in final three months, helped by a "broad-based rise in demand for jewellery and watch collections across geographies", the company said.
However, the firm did note that its specialist watchmakers continued to experience volatile conditions as a result of US trade duties on Swiss-made products, resulting in a 2% constant-currency decline in sales to €1.6bn, which included a 3% year-on-year improvement in the second quarter.
A 30 basis-point improvement in the operating margin to 22.2% helped lift operating profits 7% higher to €2.36bn, while cash flow generated from operating activities jumped to €1.85bn from €1.25bn.
Looking ahead, however, chair Johann Rupert painted a cautious outlook amid ongoing challenging market conditions.
"It is evident that we will need to continue navigating through uncertain times, given that recovery paths remain unsteady, for instance in China, and that external pressures show no sign of abating," Rupert said.
"Managing the uncertainty will continue to require agility and discipline, particularly as we face demanding comparatives."
The stock was trading 6% higher at CHF171.20 by 1023 GMT.
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