Richemont has reported sales for the first quarter of FY27, ended 30 June 2026. Group sales came in at €6.3 billion, up 20% at constant exchange rates and 17% at actual rates — a very strong start given how uncertain the luxury market remains, and ahead of analyst expectations.

Jewellery Maisons led the growth

The standout feature of the quarter is, once again, the strength of the Jewellery Maisons. That segment posted sales of €4.7 billion, up 24% at constant rates, with Cartier and Van Cleef & Arpels — the core of the group — pulling the whole business along.

Specialist Watchmakers contributed €0.9 billion, up 8% at constant rates, and the other businesses €0.7 billion, up 9%. Every segment grew.

Japan, the Americas and Asia Pacific all strong

By region, Japan rose 36% at constant rates, the Americas 27% and Asia Pacific 21%. Europe was up 11%, so the growth is broad rather than concentrated. In Japan both domestic demand and inbound spending contributed, confirming that the market remains an important source of growth for Richemont.

What the numbers say

The point worth noting is that Richemont’s growth is not simply a cyclical recovery — it rests on the shape of the portfolio, and on jewellery in particular.

In the luxury sector, fashion and watches are more exposed to the cycle and to trend risk, while brands with high jewellery and genuine icon products find it easier to hold their pricing power and their long-term brand equity. This quarter illustrates that structural advantage precisely.

The question now is what LVMH and Kering report — whether LVMH can deliver double-digit growth, and whether Kering can pull out of negative territory.